OPEC

All Eyes on OPEC

Recently, EIA and other oil market forecasters have been paying close attention to how the Organization of the Petroleum Exporting Countries (OPEC) is adjusting to lower global oil demand and weaker oil prices brought on by the global economic recession. Crude oil prices are now almost $100 per barrel off their peak level last year, and most forecasters, including EIA, are projecting 2009 global oil demand to be over 1 million barrels per day (bbl/d) lower than in 2008.    » read more »

OPEC Operates Illegal Cartel Under International Trade Law

June 17, 2008 -- WASHINGTON, DC – Today, a coalition of eleven Senators led by Sen. Frank R. Lautenberg (D – NJ) called on the Bush Administration to take action in the World Trade Organization (WTO) against eight Petroleum Exporting Countries (OPEC) by ordering United States Trade Representative (USTR) Ambassador Susan Schwab to file a complaint with the WTO.

These eight countries, operating as an illegal cartel, have refused to increase production, reduced the supply of oil on the market and driven up the gas prices that consumers pay at the pump.    » read more »

Oil is fueling an economic resurgence in Kansas

16 June 2008 -- The world's largest oil exporter, Saudi Arabia, plans to increase its oil production by 200,000 barrels a day, to a total of 9.7 million barrels a day, in an effort to ease soaring world oil prices.

Oil-consuming nations have been pressing the Saudis to pump more oil for some time, but members of the Organization of Petroleum Exporting Countries say a shortage of crude oil is not the problem. OPEC says high prices are caused by the weak dollar, speculators and international political tensions.    » read more »

May 20, 2008 -- Washington, D.C.- Speaker Nancy Pelosi released the following statement today on H.R. 6074, the Gas Price Relief for Consumers Act, which passed the House by a vote of 324 to 84, despite a veto threat:

“The House today with a strong bipartisan and veto-proof margin voted to hold foreign oil cartels and Big Oil accountable.

“The legislation provides the Justice Department with a critical tool to pursue antitrust actions against OPEC-controlled entities for fixing prices and creates a new Justice Department Petroleum Industry Antitrust Task Force to examine anticompetitive market practices in the oil industry. It also requires that the mergers of Big Oil companies in recent years be examined for anticompetitive effects.    » read more »

05/08/2008 -- Washington, DC — Senate Majority Leader Harry Reid and Senators Jeff Bingaman, Max Baucus, Charles Schumer, Byron Dorgan, Maria Cantwell and Bernie Sanders held a press conference today to unveil the Consumer-First Energy Act of 2008, a bill that addresses the root causes of high gas prices.

Gas prices: Photo by Todd Lappin (CC)

Seven years of the Bush Administration’s disastrous energy policies have enriched Big Oil and market speculators at the expense of American consumers. Democrats are committed to providing relief to consumers and strengthening our economic, energy and national security.    » read more »

N.J. Sen. Says OPEC Production Limits Inflate Gas Prices, Violate International Trade Laws

May 5, 2008 -- WASHINGTON, D.C. – Late last week, U.S. Senator Frank R. Lautenberg (D-NJ) introduced legislation to force action against the Organization of the Petroleum Exporting Countries (OPEC) for its anti-competitive practices and illegal export quotas on oil, which ultimately lead to higher gas prices here at home.

OPEC building, Vienna: Photo by Spino73 (CC)    » read more »

02/01/2008 -- WASHINGTON, February 1– Boosted by gushing oil prices, Exxon Mobil's $40.6 billion in 2007 profits exceeded the company’s own record for a U.S. corporation. Chevron also reported huge profits. At a meeting in Vienna of the international oil cartel, meanwhile, the Organization of Petroleum Exporting Companies kept production quotas steady.    » read more »

Vienna, Austria, February 1, 2008 -- The 147th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held at the OPEC Headquarters in Vienna on 1 February 2008, under the Chairmanship of its President, HE Dr Chakib Khelil, Minister of Energy and Mines of Algeria and Head of its Delegation, in order to review recent developments in world oil markets.    » read more »

15 November 2007 -- OPEC members say an increase in oil output will have no impact on global prices for oil.

Ministers from the Organization of Petroleum Exporting Countries say that current price increases are not related to a shortage of supplies. Producers have blamed a decline in the value of the U.S. dollar for the record oil prices.

OPEC ministers are meeting in Riyadh, Saudi Arabia, Thursday ahead of a summit of OPEC leaders, which begins on Saturday.    » read more »

Beijing, China, 24 October 2007 -- The Second High-level OPEC-China Roundtable on Energy was held in Beijing on 24 October 2007. This important event was jointly organised by the National Development and Reform Commission (NDRC) of the People's Republic of China and the OPEC Secretariat.    » read more »

Vienna, Tuesday, 7 August 07 -- The price of OPEC basket of eleven crude oils stood at 70.24 dollars a barrel on Monday, compared with 72.01 dollars the previous Friday, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).    » read more »