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OPEC cuts oil demand growth forecast on economy

OPEC, source of more than a third of the world's oil, cut its forecast for global oil demand growth this year as a worsening economic outlook curbs consumption in developed economies.     (more…)

Saudi says oil fundamentals sound

The world's top crude exporter Saudi Arabia on Monday underlined what it called the "good" fundamentals of supply and demand, but also expressed concern about the oil market's stability (more…)

OPEC, IEA clash over oil reserves weapon

Consumer watchdog the International Energy Agency's emergency oil release is a desperate measure that threatens to undo two decades of cooperation with OPEC and could fail to calm prices.     (more…)

OPEC considers hike in oil output target

OPEC is considering raising its target for crude oil supply by as much as 1.5 million barrels per day (bpd), a delegate to next week's meeting of the group told Reuters on Thursday.     (more…)

Opec basket price up more to $113.36 on Friday

Crude for May delivery fell Monday a day after the US economy reported that the economy added 216 thousand jobs last month, while Libya’s conflict continues to push prices higher. Nonetheless, Kuwait Oil minister sees prices high, and…

No need for OPEC emergency, Iran says

The Organization of the Petroleum Exporting Countries doesn't need to have an extraordinary meeting to address the current energy market, Tehran said.     (more…)