OPEC To Monitor Oil Prices in Wake of US Election
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Organization of Petroleum Exporting Countries (OPEC) President Purnomo Yusgiantoro said today that the cartel will monitor any impact on oil prices from the re-election of US President George W. Bush.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.
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The OPEC countries are scheduled to meet this week in Cairo to discuss whether the current high in oil production is to be maintained or curtailed.
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NEW YORK, November 3  - World crude oil prices witnessed significant volatility today on news of John Kerry conceding the US presidential elections, rising above the $50 per barrel mark.
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OPEC was meeting on Tuesday to consider a Saudi proposal to raise oil output in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing stocks.
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US oil prices held steady Tuesday, as OPEC ministers said the market is well-supplied with oil. Bloomberg News Service reports crude oil for future delivery hovered near $43 a barrel, dropping as low as $42.
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NEW YORK : World oil prices rose on Wednesday as traders reacted coolly to news of a rise in US commercial energy reserves, sweating instead about an OPEC gathering in Cairo this week.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices $1.50 higher.
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In addition to expected production increases, OPEC president Purnomo Yusgiantoro cited the upcoming US presidential election in early November a factor likely to ease international oil prices.
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Indonesia is likely to ask the Organization of Petroleum Exporting Countries (OPEC) during its scheduled meeting later this week to revise upward its crude oil price band so
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, a senior OPEC delegate said on Thursday, sending oil prices up nearly $1.50.
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Oil has leapt back above $50 as President George W. Bush edges towards US election victory, a result which traders. say will bolster fuel demand and underpin anxiety over security of Middle East supply.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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Opec's president says oil supply is adequate as the price of US light, crude comes within 4 cents of its all-time record.
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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LONDON, NOVEMBER 29: Opec will not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.