OPEC Orders Cut in Oil Production

nytimes.com

Oct. 24, 2008

The OPEC cartel ordered a cut in oil production of at least 1.5 million barrels a day. After the statement, the price for Brent crude immediately dropped below $63 a barrel.

Russia considers oil cuts, joining OPEC

MOSCOW, Dec. 11 (UPI) -- Russian President Dmitry Medvedev said Russia would consider cutting oil production and was "ready" to join the world's largest oil cartel.

Crude oil prices fall slightly

NEW YORK, Dec. 3 (UPI) -- Crude oil prices fell slightly on the New York Mercantile Exchange Wednesday following an OPEC request to have Russia and others join their ranks.

Oil markets need balance, OPEC says

TEHRAN, Dec. 1 (UPI) -- There is a need to find a balance between generating revenue for investments in the oil sector and the declining market, OPEC officials said Monday in Iran.

UPI Energy Watch

OPEC negotiations push oil prices down; Papua New Guinea works to maintain LNG; State Oil Co. of Azerbaijan received 1.7 million tons of oil.

OPEC facing low prices, demand fall-off

CAIRO, Nov. 29 (UPI) -- Members of the Organization of Petroleum Exporting Countries, meeting Saturday in Cairo, say the informal talks are unlikely to result in production cuts.

Uncertainty ahead of OPEC meeting

CAIRO, Nov. 28 (UPI) -- OPEC's direction at its weekend meeting in Cairo will be muddied by secrecy and ineptitude, an analysis says.

Crude prices rise Friday

NEW YORK, Nov. 28 (UPI) -- Crude oil prices rose slightly on the New York Mercantile Exchange Friday, a day before OPEC oil ministers are to meet in Cairo.

Crude oil prices down Thursday morning

NEW YORK, Nov. 27 (UPI) -- Crude oil prices fell Thursday morning on the New York Mercantile Exchange although investors remain wary that OPEC may cut production soon.

OPEC should examine market conditions

VIENNA, Nov. 26 (UPI) -- Officials with the International Energy Agency said Wednesday oil-producing states should take a close look at the economy before deciding on production quotas.

Crude oil prices up

NEW YORK, Nov. 26 (UPI) -- Crude oil prices jumped Wednesday on the New York Mercantile Exchange, as investors anticipated a possible OPEC production cut announcement.

OPEC considering production cuts

CAIRO, Nov. 26 (UPI) -- The president of the Organization of Petroleum Exporting Countries said that production cuts would be considered in unofficial meetings in Cairo this week.

Venezuela's Chavez calls for fix oil price

CARACAS, Venezuela, Nov. 25 (UPI) -- Venezuelan President Hugo Chavez said crude oil prices should be set at a fixed price in the wake of recent oil price decreases.

Iran calls for oil production cuts

TEHRAN, Nov. 24 (UPI) -- Iran said Monday it would call for additional production cuts to control prices during the next meeting of the Organization of Petroleum Exporting Countries.

UPI Energy Watch

OPEC announces losses in revenues; China projects lower oil prices; China-Myanmar pipeline planned despite oil prices.

OPEC sees declining demand

VIENNA, Nov. 18 (UPI) -- The global demand forecast for oil for 2009 was cut nearly in half as the global economic meltdown spills over to estimated consumption, OPEC said in Vienna.