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’Opec cuts…
But don’t be misled — the headline reduction in output of 4.2m barrels sounds huge, but this cut is based on September production levels – and Opec countries are pumping rather less of the black stuff right now.
Opec cuts by record 2m barrels
As expected, Opec has cut its output target by another 2m barrels a day – the cartel’s biggest single cut in several decades. The decision reduces the Opec-11′s (excluding Indonesia and Iraq) total production target to 25.3m barrels per day,
Liveblogging Opec’s expected record cut
The FT is reporting that Opec have agreed in principle to cut a record amount of production at their meeting in Oran in Algeria.
As soon as the decision is official, FT Alphaville will be standing by to liveblog the Opec webcast that follows.
Has crude bottomed?
It’s a brave assumption — what with Merrill Lynch’s call for $25 per barrel crude in 2009 — but could crude have bottomed for the time being? The indicators are looking good. At least that’s the opinion of a number of analysts.
I would walk 10 billion miles
Oil traders are gearing up for an impromptu meeting of Opec this weekend in Cairo. But even as ministers prepare to agree yet more supply cuts, bearish data just can’t stop getting worse. As a result, it’s looking increasingly unlikely Opec will be able to keep up with the supply cuts actually needed to support prices.
OPEC, or should we say OПЄК?
There were those strong hints of a “major announcement” from Opec president Chakib Khelil last week, but could this be what he was alluding to?
Russia to Work With OPEC to Stabilize Oil Prices, Medvedev Says
Pronina Nov.
Too little too late from Opec
It was a quick meeting, presumably because Opec knew exactly what they were going to do before they got there – announce a 1.5m barrel cut.
The reaction from the oil markets though – a definitive disappointment.
Opec – It’s all about compliance
As the major ministerial ‘arrivals’ begin in Vienna ahead of tomorrow’s emergency Opec meeting, the market can expect the usual deluge of comments originating from door-stepped interviews at the Intercontinental or Grand Hotel where delegation members stay.
Oil dip
Crude oil prices have fallen to about $67 a barrel from their record summer highs of about $146, as concerns of slowing economies filter into the commodities market. But, even with that drop, the market is signalling further declines,
Oil cartel divided over level of cuts
Opec is expected on Friday to decide to slash production as the oil cartel faces its biggest test in more than a decade. Newly released data reveal that the cartel’s vastly divergent economic circumstances will make the divided group’s decision of how much to cut even more difficult.
The Opec defence
The emergency nature of OPEC’s rushed meeting this Friday is a clear indicator the cartel will be forced to cut output if it is to defend current price levels. It’s no secret the group wants to keep prices at the $70/80 per barrel level.
Oil slides as Opec calls emergency meeting
Oil prices plunged below $85 a barrel on Thursday, the lowest level in a year, as Opec, the oil exporting countries’ cartel, called an emergency meeting to discuss reducing its crude production to halt the collapse in prices.
Goldman Sachs ‘surge theorist’ says $200 oil in sight
Think $122 a barrel is high? Think again.
Goldman Sachs’ Arjun Murti believes oil prices of $150 to $200 a barrel within the next six to 24 months are “increasingly likely”. Mr Murti is the analyst who three years ago correctly predicted a price “super-spike”
Opec: Oil could hit $200
Opec’s president on Monday warned that oil prices could hit $200 a barrel and there would be little the cartel could do to help. The comments by Chakib Khelil, Algeria’s energy minister, came as oil prices hit a historic peak close to $120 a barrel,
OPEC: speculators cause oil highs
Crude oil prices soared to a fresh record above $88 a barrel Tuesday as the Organisation of the Petroleum Exporting Countries suggested it would not increase its production in the short-term. Opec said it was “concerned”
OPEC petrodollars alone won’t save the US T-bill
The water gets muddier for US Treasuries: OPEC have been pouring in the petro-dollars, but foreign demand for US debt is still low.
According to Bloomberg, data from the US Treasury shows that OPEC nations increased their holdings of T-Bills by 12 per cent this year through July to $123.8bn.
OPEC talks but no real trousers: Ahmadinejad & Chavez won’t sanction oil hike
As the FT reports Tuesday, oil prices are dangerously close to the $80 per barrel mark – and peaked just a scratch away from their $78.77 all time high earlier. So speculation that OPEC will increase production is welcome news for troubled financial markets.