oil production

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Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

(Newser) - Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the...

Analysts Say Oil Price Drop Is Long Way Off

Declining Asian demand could bring relief ... by early '09

(Newser) - A reining-in of Asia’s demand for oil could help the global crude supply rebound, eventually dropping prices sharply, analysts tell Reuters. But the price relief likely won’t show up until the end of this year or early next, as data needed to help traders set prices is slow...

Oil Prices Threaten US-Saudi Relations

Washington loses leverage as Beijing gains clout with Riyadh

(Newser) - The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s...

Sharp Decline Seen in Future Oil Supplies

Industry may require massive cash infusion to keep up with demand: analyst

(Newser) - The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—...

Bush, Stop Begging the Saudis
 Bush, Stop Begging the Saudis 
OPINION
May 17, 2008 1:23 PM CDT

Bush, Stop Begging the Saudis

Don't publicly ask for oil favors you won't get, WSJ writes

(Newser) - Whichever adviser sent President Bush to plead with the Saudi king to help bring down oil prices should be canned, the Wall Street Journal opines. Bush had the same request turned down during a visit in January, and the rebuff is even more humiliating the second time around. If Bush...

Saudis Won't Budge on Oil
 Saudis Won't Budge on Oil 
May 16, 2008 6:26 PM CDT

Saudis Won't Budge on Oil

Leaders again dismiss Bush request for help reining in US gas prices

(Newser) - Saudi Arabia's leaders today denied a request from visiting President Bush that they boost oil production to help ease rising gas prices, the AP reports. "Supply and demand are in balance today," the kingdom's oil minister said, with the commodity pushing $128 per barrel. "How much does...

Congress Votes to Stop Stockpiling Oil
Congress
Votes to Stop Stockpiling Oil
updated
May 13, 2008 9:44 PM CDT

Congress Votes to Stop Stockpiling Oil

House and Senate want no more sent to national reserve

(Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25....

OPEC May Boost Oil Output to Ease Prices

Cartel may meet early and backpedal on current policy

(Newser) - As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other options...

Speculation Not Driving Boom in Commodities

Surveyed economists name supply, demand as bigger factors

(Newser) - A majority of economists think the upswing in food and energy prices is due to fundamental issues of supply and demand—and not driven by speculation, a Wall Street Journal survey finds; 51% pegged demand from China and India as the chief cause of the oil boom.

Exxon Profits Shoot Up 17%, But Still Miss Target

Rise smallest of the big three oil companies

(Newser) - Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63%...

Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles

(Newser) - US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of...

OPEC Head Warns Oil Could Hit $200 a Barrel

Supply trouble, weak buck, speculation will keep price climbing

(Newser) - The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak...

Industrial Spying Charges Deepen Russia-UK Flap

Two with ties to Britain arrested for espionage in Moscow

(Newser) - Two brothers, one with ties to a UK-Russia joint oil venture, have been arrested in Moscow and accused of industrial espionage, the BBC reports. Ilya and Alexander Zaslavsky were charged after yesterday's raid on oil giant TNK-BP, but analysts say Russia's interest in the matter goes beyond spying, as the...

$100 Oil Fuels Recession Fears
$100 Oil Fuels Recession Fears
Feb 21, 2008 12:47 PM CST

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per...

OPEC Holds Oil Production Steady
OPEC Holds
Oil Production Steady
Feb 1, 2008 1:00 PM CST

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

(Newser) - OPEC dashed American hopes for a boost in oil production today, Bloomberg reports. The US and other Western nations wanted more oil on the market to lower prices, but OPEC decided to hold production steady. The consortium, which supplies 40% of the world's oil, is worried that the flagging world...

Traders Gamble on $200 Oil
Traders Gamble on $200 Oil
Jan 8, 2008 6:24 AM CST

Traders Gamble on $200 Oil

Did you think $100 was high?

(Newser) - You thought $100 a barrel was high. Options to buy oil for $200 a barrel have grown tenfold on the Nymex exchange in recent weeks, Bloomberg reports. Speculators use oil futures to bet on expected price hikes. While $200-a-barrel options remain only a small proportion of the total, the number...

Iraq Pumping More Oil Than Before War

Increased security at northern pipeline credited with boost

(Newser) - Thanks largely to increased security, Iraq is now producing more oil than it was before the war began in 2003, according to the International Energy Agency. The output is up to 2.3 million barrels per day from 1.9 million barrels daily at the beginning of the year. Protecting...

Demand for Oil May Pass Output by 2012

Experts see prolonged crisis as producers max out pumping ability

(Newser) - Production limits, not supply, could prompt an oil crisis in less than a decade as efforts to reduce demand and introduce alternative fuels trail growth in the world’s oil needs, the Journal reports. Oil companies currently produce 85 million barrels daily; some experts say they'll hit a wall at...

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