OPEC

Potato Growers Say Price-Fixing Charge is Half-Baked

A battle between grocers and potato growers has been silently hitting the pocketbooks of consumers.

China Set to Surpass US as Top Importer of Oil

The oil cartel OPEC says that China could overtake the U.S. as the biggest importer of oil in the world as soon as next year. The reason: a boom in shale oil production.

Bad News Sends Gas Prices Racing Downward

Just as fast as gas prices rose, they're now in retreat. Monday's AAA Fuel Report Gage puts the national average of regular at $3.703, down from $3.970 a month ago. Several factors could push gas below $3.50 over the next several weeks, and almost none of them were part of the economic landscape a quarter ago.

Financial Landscape: Banks Get No Love; OPEC Vs. OPEC

As a new week begins on Wall Street, nobody wants bank stocks, J.P. Morgan Chase hints at changes at the top, OPEC ministers tussle over crude, and airlines are in for some financial turbulence. In fact, the only good news is for France, which apparently won't lose the IMF over the DSK scandal.

The Financial Landscape: OPEC Quotas and 'Too Big to Fail'

The theme for Thursday is big players adjusting to a changing world: Citigroup is shutting down a major hedge fund it used for soon-to-be-banned proprietary trading, Goldman has been subpoenaed over its role in the subprime mortgage crisis, and OPEC is thinking that it might need to pump more oil.

Will Saudi Arabia's Gambit Drive Oil Prices Even Higher?

Saudi Arabian Oil Minister Ali al-Naimi said his country cut oil production in March because the market was oversupplied. Was this move an honest bid to a bid to expose the speculators and push prices back down, or an attempt to capitalize on the current instability to propel prices higher?

Five Ways the Government Could Make Oil Prices Fall

Sky-high oil and gas prices risk tipping the U.S. economy back into recession. But Washington isn't powerless when it comes to oil prices: Here are five things that the federal and state governments can do that would quickly reduce pain at the pump.

It May Be Time to Get Used to Costly Gas Prices

And that means it may be time for owners of gas-thirsty SUVs and cars to start considering the switch so many Americans are loath to make: to a far more fuel-efficient vehicle. Looking out over the next several years, it's hard to see oil -- and gasoline -- falling back to earlier lows.

Consumer Sentiment Index Jumps to Three-Year High

The markets may have had a rough weak as U.S. GDP growth was revised down and Middle East unrest caused oil prices to rise, but the consumer sentiment index rose to its highest level since January 2008. Sentiment has risen for about six months -- an encouraging sign -- but oil prices could sour the mood.

Natural Gas: A Cure for America's Crazy Oil Addiction

Events in the Mideast have, once again, revealed the U.S. economy's vulnerability to an oil shock. Now more than ever, the nation must reduce its consumption of oil, especially from abroad, and become energy self-sufficient. And the way to do it is with our abundant domestic sources of natural gas.

Is Oil Output Peaking or Not? Either Way, Cheap Oil Is Gone

Proponents of the peak-oil theory can muster studies and statistics backing their claim that declining global oil output is nigh. Critics point to new technologies and unconventional oil fields as saviors. Either way, a return to the days of $1.50-a-gallon gasoline isn't going to happen.

Natural Gas Can Be America's Fuel of the Future

Unless there's a breakthrough in battery technology, gasoline will remain the primary auto fuel in the U.S. for years. But our dependence on imported oil comes with a major risk of supply disruption. And the U.S. has a domestic alternative that's ready and reliable: natural gas.

Oil Prices Are Likely to Drop Before They Rally Again

With an oversupply of oil on the market and OPEC afraid that higher prices will impair the U.S. recovery and sap demand, the fundamentals point to an oil price drop in the near term. Yes, markets move on emotion, and fears about unrest in Egypt have reversed that downward price trend, but the drop is probably coming.

Will the Economic Recovery Slide on $90 Oil?

As crude prices keep inching upward, the threat to both the U.S. and global economy is clear. While OPEC says don't blame us, the Interational Energy Agencys says: "This is a wake-up call to the oil-consuming countries and to the oil producers."

The East Coast's Big Blizzard Isn't Cooling Oil Prices

Oil prices kept rising this weekend as a blizzard smacked into the Eastern Seaboard of the U.S. and as OPEC's Arab ministers met in Cairo to discuss strategy. Their call is for production to stay at current levels, which will help keep the upward pressure on prices.

Oil Prices Head Toward $90 After Fed Move

Crude oil hit a six-month high Wednesday, and many forces are in place to drive prices even higher. Not least is demand from China, now the largest importer of oil.

Some OPEC Members Push for $100 a Barrel Oil

August Trade Gap Grows Due to Oil, Chinese Imports

The U.S. trade deficit unexpectedly jumped to $46.3 billion in August, as the nation's deficit with China surged to a record $28 billion. Oil prices were the other key culprit as the petroleum deficit surged 5.7%.

OPEC to Leave Oil Output Unchanged

The Organization of the Petroleum Exporting Countries will leave oil output unchanged, a delegate at the group's current meeting told Reuters. Oil ministers apparently are not worried the weak dollar will drive up the price of crude far enough that it will crimp the global economic recovery.

Oil Pushes Above $83

Crude oil prices moved above $83 Monday -- from just above $70 only two months ago. There are a number of causes for the increased price of crude, among them the growth in demand for oil in China.

Iraq Raises Proven Oil Reserves 24%

U.S. Trade Deficit Unexpectedly Rises in May

May's unexpected rise in the U.S. trade deficit to $42.3 billion isn't likely to resolve the tug of war between the economic optimists and pessimists. Imports and exports both grew, but imports grew marginally faster.

Econ Note: OPEC Sees Flat Demand and No Need for More Oil Supplies

In OPEC's June report, released today, the oil cartel doesn't see global demand changing much. It's sticking with its 0.9 million barrels per day increase (1.1%) for the remainder of 2010. It notes that demand rose a "marginal" 0.4 mbd in the first quarter, so it's already trending a bit behind its yearly forecast.

In This Market, Crude Oil Is as Good as Gold

Oil demand is still soft following the recession, but prices remain high. Investors' use of oil as an alternative investment and a hedge against a decline in the dollar play an important role.

With Oil Up 25%, the Recovery Could Falter

According to the International Energy Agency, oil prices near $85 a barrel could threaten the recoveries of the world's major economies. Crude oil prices are up 25% in two months.

OPEC's Business Model: Sit Back and Let the Money Flow In

The U.S.'s inability to cut oil consumption has put OPEC in an advantageous position, again. Worse, the U.S. remains vulnerable to another quest by OPEC to explore the market's maximum price for oil -- which could tip the U.S. economy into another recession.