OPEC

Iran calls for support from non-OPEC members to stabilize oil market

Tehran [Iran], Oct. 24 : Iranian leaders have urged oil producing countries outside the Organization of the Petroleum Exporting Countries (OPEC) to back the resolve of the oil cartel to stabilize the oil market and boost crude prices.

According to local media reports, Iran's Minister of Petroleum Bijan Zanganeh said that he expects the non-OPEC producers to cooperate with OPEC to boost market stability, reports Xinhua.

Commenting on the meetings between Russian and Saudi energy officials, Zanganeh said that "we hope the two sides will reach agreements and the non-OPEC states and Russia will accompany members of the organization."

The Obama administration finds unlikely ally in OPEC

The Obama administration finds unlikely ally in OPEC

OPEC stated that the Obama administration has found an improbable ally in the organization’s efforts to push more biofuel into the nation's gasoline supply.

According to the government's most recent forecasts, the demand is likely to go up by 1.5% in the current year to around 139 billion gallons (526 billion liters).

This much increase is enough to easily accommodate small increases in ethanol quotas without breaking the so-called ‘blend wall’ that according to the refiners, will put a cap on blending at nearly 105 of the total gasoline and diesel supply.

Based on the data from first quarter, it is likely to be even higher. In first quarter, gasoline use was surged by over 3%, which was the fastest in more than a decade.

Oil hits fresh 5-1/2-year lows; Brent below $53

Singapore - Oil extended losses on Tuesday to touch fresh 5-1/2-year lows, following a 5 percent plunge in the previous session as a slew of bearish factors added to supply woes.

Worries about surplus oil supplies were fuelled by data showing output in Russia hit a post-Soviet-era high in 2014 and exports from Iraq, OPEC`s second-largest producer, were the highest since 1980. Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe-haven bonds.

"It`s building on the recent bearish supply/demand outlook of oil, led originally by the OPEC meeting," said Mark Keenan, who heads Asia commodities research at Societe Generale.

Oil prices plunge post Opec meeting

Oil pricesLondon, Nov 28 : Oil prices have plummeted after the Opec oil producers' cartel decided not to reduce output at its meeting in Vienna.

Opec's secretary general Abdallah Salem el-Badri said that the cartel would not try to shore up prices by decreasing production, reported the BBC.

The Opec members decided to maintain the oil production at 30 million barrels per day as agreed upon in December 2011.

Following the announcement, Bent crude hit its lowest since August 2010 and dipped below 72 dollars per barrel before settling at 72.82 dollars.

OPEC daily basket price closes lower

OPECVienna, June 2 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.91 a barrel Friday, against $106.45 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes tad higher

OPECVienna, May 28 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.79 a barrel Tuesday, against $106.73 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes slightly lower

OPECVienna, May 27 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.73 a barrel Monday, against $106.92 last Friday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes tad lower

OPEC daily basket price closes tad lowerVienna, May 26 - The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.92 a barrel Friday, against $107.00 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC daily basket price closes higher again

OPECVienna, May 23 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $107.00 a barrel Thursday, against $106.82 Wednesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes lower

OPECVienna, May 21 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.18 a barrel Tuesday, against $106.43 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC daily basket price closes higher

OPECVienna, May 20 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.43 a barrel Monday, against $105.95 last Friday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC daily basket price closes over a dollar higher

OPEC daily basket price closes over a dollar higherVienna, May 15 : The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood at $105.62 a barrel Wednesday, against $104.50 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes higher

opecVienna, May 14 : The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood a tad lower at $104.50 a barrel Tuesday, against $104.21 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC raises oil demand forecast for 2014

OPEC raises oil demand forecast for 2014Vienna, May 14 - OPEC has raised its forecast on the demand for its oil in 2014 to 29.8 million barrels per day (bpd), 110,000 bpd higher than its previous projection, the Vienna-based cartel said Tuesday.

In its latest monthly report, the Organisation of the Petroleum Exporting Countries (OPEC) said its oil output in April rose by 131,000 bpd to 29.59 million bpd, largely due to higher supply by Iraq and Saudi Arabia, Xinhua reported.

OPEC daily basket price closes tad lower

OPEC daily basket price closes tad lowerVienna, May 13 - The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood a tad lower at $104.21 a barrel Monday, against $104.46 last Friday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC daily basket price closes at same level

OPEC daily basket price closes at same levelVienna, May 8 : The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood at $103.69 a barrel Wednesday, unchanged from Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes lower

OPEC daily basket price closes lowerVienna, April 30 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.95 a barrel Tuesday, against $105.43 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC daily basket price closes slightly higher

OPECVienna, April 29 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.43 a barrel Monday, against $105.37 last Friday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, April 28 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.37 a barrel Friday, against $105.20 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, April 25 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.20 a barrel Thursday, against $104.99 Wednesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)




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