opec production

Oil Prices Hit 8-Month Low as Spain Optimism Fade

The price of oil hovered above $82 a barrel Tuesday after touching an eight-month low near $81 earlier in the session amid concern Spain's bank bailout won't be enough to stem Europe's debt crisis and suggestions OPEC could boost production targets.

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.

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?

Oil prices, up more than 25% since August, are testing the $90 per barrel level and appear to be headed higher -- into what the International Energy Agency calls 'a dangerous zone' for the global economy.

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.

Some OPEC Members Push for $100 a Barrel Oil

Some OPEC members want oil prices to rise to $100 a barrel to offset the decline in the dollar. The value of the dollar, which has slipped 13% since June against major world currencies, means that the "real price" of oil is about $20 less than current levels, Venezuela%u2019s Energy and Oil Minister Rafael Ramirez said after Thursday%u2019s OPEC meeting in Vienna.

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.

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.

OPEC: Oil Prices Are in a Sweet Spot

The Organization of the Petroleum Exporting Countries signaled it will not adjust its oil output targets, sending prices of crude futures above $82 per barrel on Wednesday, just a day after crude futures fell below $80 per barrel.