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OPEC cuts forecast for global growth in oil demand in 2008
                   
finfacts.com     May 16, 2008            

The OPEC oil cartel on Thursday reduced its forecast for global growth in oil demand in 2008, in a signal that record oil prices are slowing demand. World oil demand will rise by 1.16 million barrels per day (bpd) in 2008 led by Asia, the Middle East and Latin America, 40,000 bpd less than the...


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OPEC won't hike crude output

indiatimes.com     May 18, 2008          

TEHRAN: Iran on Saturday dismissed Saudi Arabia’s decision to boost oil output as a ‘political move’ and said OPEC production hike would lead to an increase in reserves. Oil Minister Gholamhossein Nozari was speaking a day after OPEC kingpin Saudi Arabia, a key US ally in the Middle East,...

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Want Cheaper Gas and Oil? End the Damned Wars!

reddit.com     May 17, 2008          

Americans are in a panic over rising gas and heating oil prices, and with reason. Analysts keep getting trotted out on TV and in print, attributing the dramatic price rise to everything from “peak oil” — the idea that producing countries have reached their peak of productive capacity, and that...

analysis/comments

                   

OPEC won’t hike crude output

indiatimes.com     May 17, 2008          

TEHRAN: Iran on Saturday dismissed Saudi Arabia’s decision to boost oil output as a ‘political move’ and said OPEC production hike would lead to an increase in reserves. Oil Minister Gholamhossein Nozari was speaking a day after OPEC kingpin Saudi Arabia, a key US ally in the Middle East,...

analysis/comments

                   

Oil on new high, Saudi hike fails to stem rally

indiatimes.com     May 17, 2008          

NEW YORK: Oil shot to a record high near $128 a barrel on Friday as a bullish price forecast from investment bank Goldman Sachs drowned out an offer of more supply from OPEC kingpin Saudi Arabia. Oil prices have risen six-fold since 2002 and doubled since last year as rising demand from China and...

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Iran says OPEC will not boost output

signonsandiego.com     May 17, 2008          

TEHRAN – Iran's oil minister rejected on Saturday any idea of OPEC raising production, saying it would fail to ease record prices as the market was already “saturated” with oil. Gholamhossein Nozari also dismissed as a “political move” Saudi Arabia's announcement on Friday of a modest hike in...

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Oil mkt balanced, no need for emergency OPEC meet

indiatimes.com     May 17, 2008          

DUBAI: Oil markets are balanced and there is no need for an emergency OPEC meeting before September despite record oil prices, Qatari Oil Minister Abdullah bin Hamad al-Attiyah said on Saturday. "The oil market is balanced... There is no threat to or crisis in supply," he told Al Arabiya TV by...

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Congressional Pressure Prevails as U.S. Halts Filling of Oil Reserve

freerepublic.com     May 17, 2008          

Bowing to pressure from Congress, the Energy Department said Friday that it would temporarily suspend a program to fill the nation’s strategic oil stocks. But the move, which some analysts and politicians had hoped would help break the rally in oil prices, failed to sway the market. Crude oil...

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Want Cheaper Gas and Oil? End the Damned Wars!

by Dave Lindorff Americans are in a panic over rising gas and heating oil prices, and with reason. For months, the price of a barrel of crude oil has been rising steadily, hitting a record $127 yesterday. Analysts keep getting trotted out on TV and in print, attributing the dramatic price rise to...

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OPEC output hike would not affect prices: Iran

yahoo.com     May 17, 2008          

TEHRAN (AFP) - Major crude oil producer Iran said on Saturday that any output hike by the Organisation of Petroleum Exporting Countries as requested by the United States would not affect skyrocketing prices. "This would only increase inventories," Oil Minister Gholam Hossein Nozari told reporters...

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Head in the sand over oil shortage

unison.ie     May 17, 2008          

The optimistic forecasts for the economy just published by the ESRI assume a business-as-usual scenario globally. However, this appears to take no account of several gloomy developments which have occurred in the past year or so. In particular the skyrocketing price of oil, if it continues, must...

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