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Gallup: Family of four needs an average $58,000 a year
VIENNA, Dec. 12 (UPI) -- Oil ministers in Vienna said said the Organization of Petroleum Exporting Countries would keep their production quota intact, citing economic uncertainties.
"Given demand uncertainties, the (OPEC) conference decided to maintain the current production level of 30 million barrels per day," OPEC said.
The oil cartel said that price volatility in 2012 was influenced by more than supply and demand. "Ministers noted that the price volatility witnessed throughout 2012 remained mostly a reflection of increased levels of speculation in the commodities markets, exacerbated by geopolitical tensions and latterly, exceptional weather conditions."
The conference of ministers also "observed the mounting pessimism over the global economic outlook," naming the sovereign debt crisis in the eurozone, high unemployment in advanced economies and "inflation risk in the emerging economies."
OPEC also said demand is expected to rise "slightly" in 2013, but that increased production from other nations would make up the difference.
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NEW DELHI, May 20 (UPI) --
The US Department of Energy's conditional approval a Texas liquefied natural gas terminal to export to nations that do not have a free trade agreement with the United States is seen as a potential boost for India's energy security.
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RIO DE JANEIRO, May 20 (UPI) --
Sweden's Saab is upgrading its bid for Brazil's FX-2 jet fighter purchase plan, even as it weighs challenges from rivals Boeing and France's Dassault.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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