Oil Supply Exceeding Demand After Cuts, Qatar Says
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The supply of oil is still outstripping demand after OPEC, the producer of more than a third of the world&#39;s output, begins to reduce production to prop up falling prices, the Qatari oil minister said.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  that could drain healthy U.S. stockpiles before summer.
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Oil prices reach a fresh high above $98 a barrel but fall back on higher-than-expected US crude supply figures.
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Oil surged to a record high above $81 a barrel on Tuesday, drawing strength from concerns of a winter supply squeeze in the world's top consumer where an anticipated interest rate cut is calming recession fears.
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Crude oil prices surged to a record in New York and London on concern that hurricane damage to production platforms in the Gulf of Mexico will keep supplies from rising enough to meet winter needs.
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NEW DELHI: Kuwait&#39;s foreign minister said yesterday that Middle East oil exporters are producing at maximum capacity to stabilise prices that are being driven up by speculators from outside the region.
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According to Al-Raya newspaper (September 20, 2006), the Qatari Minister of Energy and Industry, Abdullah bin Hamad Al Attiyah, said that the petrochemicals (including ammonia and urea) exports of the State of Qatar hit QR 4.5 billion ($1.2 billion) last year.
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Oil soared to another record yesterday on worries that global energy supplies could shrink to critical levels during this winter heating season because of strong growth in demand.
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Saudi Arabia&#39;s oil minister Ali Naimi said Monday that the &quot;fear factor&quot; over supplies has added $10 to $15 a barrel to the price of oil and reiterated that his country is working toward lifting its sustainable oil production capacity.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  ahead of the second quarter that could drain healthy U.S.  stockpiles before summer.
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Oil  breaches the $81 a barrel mark on worries about rising demand amid constrained supply.
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Oil prices continue their record-breaking run as fresh threats of sabotage in Iraq boost concerns that demand may outstrip supply.
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Oil soared to a record above $80 a barrel on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth.
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But prices of oil and natural gas are climbing as a cold snap and earlier cuts in OPEC production take their toll.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, Qatar's oil minister said on Thursday, sending oil prices more than a dollar higher.
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Oil prices climbed above $41 a barrel  on Monday after Saudi Arabia cut January crude deliveries to  clients in Asia, confirming that the top exporter was adhering  to OPEC's agreement last week to curb excess supply.
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Oil prices jumped nearly 4 percent  Thursday after the International Energy Agency warned that  greater-than-expected demand and disappointing world production  growth could strain world supplies.