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World Crude Oil

OPEC Meeting Preview - Five Things You Should Know

Leaders of the world's 12-member crude oil cartel gather this week in Vienna to discuss and perhaps set a production ceiling for the group in what is expected to rubber stamp the current state of affairs. It is also expected to feature a fierce tug-of-war between Saudi Arabia, the cartel's dominant producer, and Iran.

Oil Prices Fall After French, Greek Elections

Oil prices fell Monday to add to the sharp decline in the previous session as French and Greek election results raised doubts about those countries' commitment to the austerity measures to sort out Eurozone debt crisis.
Iran Oil

Iran Stops Oil Exports To Spain: Report

Iran has stopped oil exports to Spain in retaliation to the European Union ban on Iranian crude imports that comes into force in July, the Mehr News Agency has reported, citing sources familiar with the situation.
A man stands next to a globe displaying international stock market prices at the London Stock Exchange in the City of London

G-7 Recovery ‘Decoupling’ Between Europe, North America: OECD

Economic recovery in Europe and North America is diverging and remains fragile, as Canada and the United States experience steady growth and European economies continue to falter, a report by the Organization for Economic Cooperation and Development said Thursday.

US Asks Saudi Arabia To Boost Oil Output For Summer

The United States is pressing Saudi Arabia to boost oil output to fill a likely supply gap arising from sanctions on Iran, Gulf oil officials said, adding that an increase in production is unlikely to be needed before July.

OPEC Pumps Record Volumes Despite Iran Slide

Europe's debt crisis and an oil price rally are the biggest threats to global oil demand this year, OPEC said on Friday, adding it was still pumping above its target despite a slide in Iranian production.
Venezuelan President Hugo Chavez talks to the media as he welcomes U.S. actor Sean Penn at Miraflores Palace in Caracas February 16, 2012.

Chavez Travels to Cuba Friday for Cancer Surgery

Venezuela's ailing socialist leader, Hugo Chavez, will fly to Cuba on Friday for an unknown period to undergo new cancer surgery that has shaken the South American nation before an October presidential election.
Strait of Hormuz

US Gas Prices Soar on 'Fear Factor'; 'Sky is the Limit' if War Erupts

The United States at present has plenty of supply and only light demand, yet gas prices are steadily rising. Americans, while still addicted to oil, are driving more fuel-efficient cars, so why are there predictions of $5-a-gallon gas by year's end? The answer is fear -- mainly of war with Iran, a major oil producer.


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