OPEC news stories on Newser

When Gadhafi Falls, Oil Prices Will Fall With Him

Matt Cantor — Mon, 22 Aug 2011 09:27:05 CDT

If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million...

OPEC Shocks Market, Leaves Production Flat

Kevin Spak — Wed, 08 Jun 2011 09:25:23 CDT

Crude prices are headed north this morning, after OPEC surprised the market by keeping production flat instead of ramping it up, the Wall Street Journal reports. Nymex crude is currently up almost 2%, above $100 a barrel, after being down ahead of the announcement. OPEC's secretary-general told reporters that the...

Ahmadinejad Retreats in Ayatollah Feud

John Johnson — Wed, 25 May 2011 13:42:22 CDT

Mahmoud Ahmadinejad will not attend an OPEC summit next month, noteworthy only because it's being read as a signal that he's losing his power struggle with the nation's supreme leader, Ayatollah Khomeini, reports the New York Times . Ahmadinejad had announced earlier this month that he would go to the OPEC...

Trump: Let's Just Seize Iraq's Oil

Kevin Spak — Tue, 19 Apr 2011 07:00:00 CDT

Donald Trump has an interesting concept of how the world’s oil markets work: In an interview with George Stephanopoulos on ABC , Trump opined that the reason oil was so high was because “We don’t have anybody in Washington that calls OPEC and says, ‘Fellas, it’s time. It’s over. You’re not...

Trump: I Wish I Didn't Have to Consider Presidential Run

Evann Gastaldo — Sun, 17 Apr 2011 11:44:05 CDT

Donald Trump was quite the braggart on CNN’s State of the Union today. Highlights from Politico: Trump is better than Romney : “Mitt Romney is a basically small-business guy, if you really think about it,” Trump said , adding that he is “much bigger than this man and have a much, much...

Gas Prices Are Insane —Everywhere Else

John Johnson — Sat, 12 Mar 2011 12:10:05 CST

Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN : US: $3.53 Norway: $9.28 Europe: Between $7.50...

'Peak Oil' Looms: Saudi Supply Overstated

Kevin Spak — Wed, 09 Feb 2011 11:07:23 CST

The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country couldn’t...

Mr. President? Trump Will Run, Say Pals

Mary Papenfuss — Fri, 07 Jan 2011 02:42:00 CST

The slate of candidates looking to be president next time around is stacking up to be a doozie. Now real estate billionaire Donald Trump says he's "seriously" considering running for the top job because GOP pals are begging him to do it, and because China and North Korea are "laughing"...

Iraq's Oil Reserves Bigger Than Previously Thought

Nick McMaster — Mon, 04 Oct 2010 13:56:25 CDT

Iraq is home to 24% more oil than it had previously estimated, the country announced today. In Iraq's first revision to its stated oil reserves since 2003, the oil ministry claims to have 143.1 billion barrels of known and recoverable oil, up from the previous level of 115 billion...