Latest in Highlight

Advertising Area






Latest in


OPEC’s development fund gives $30m to Egypt for food security and poverty alleviation

Members of the Organisation of Petroleum Exporting Countries have confirmed a $30million loan for Egypt aimed at food security and poverty alleviation. The international development funding arm of OPEC, the Fund for International Development (OFID), approved 12 loans and grants to 29 developing countries, worth $201 million, for the purpose of improving socio-economic conditions. OFID’s …

Islam Serour

OPEC leaves 2012 oil demand steady, pumps more

By Alex Lawler/Reuters LONDON: OPEC left its forecast for world oil demand growth in 2012 unchanged for a second month, saying there were signs that a slowdown in global economic activity is easing. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said world oil demand would rise by 860,000 barrels …

DNE

OPEC sees downside risk to oil demand from euro crisis

LONDON: A worsening of the euro zone debt crisis would further reduce the region’s oil demand and could impact consumption in emerging economies that are driving the increase in global fuel use, OPEC said on Monday. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) trimmed its forecasts for world oil demand …

DNE

Iran OPEC gov’t warns Arab oil producers

TEHRAN: Iran’s Gulf Arab neighbors should not raise their production to replace Iranian oil if the European Union goes ahead with a ban on Iranian crude imports, Iran’s OPEC governor said on Sunday. The EU has agreed in principle to ban imports of Iranian oil, while the United States has pressured Asian buyers to reduce …

DNE

OPEC oil supply hits 3-year high: Reuters survey

LONDON: OPEC oil output rose in December to the highest since October 2008, mainly due to a further recovery in Libya’s production, a Reuters survey found on Wednesday. Supply from all 12 members of the Organization of the Petroleum Exporting Countries averaged 30.74 million barrels per day (bpd) last month, up from a revised 30.62 …

DNE

OPEC oil deal puts Saudi back in charge

VIENNA: OPEC oil producers on Wednesday sealed their first new production limit in three years in a deal that settles a 6-month-old argument over output levels firmly in Saudi Arabia’s favor. The Organization of the Petroleum Exporting Countries agreed a supply target of 30 million barrels daily, roughly in line with current production. It did …

DNE

OPEC heads for windfall on record oil price

LONDON: OPEC is heading for near-record oil export revenue this year thanks to over $100-a-barrel oil, and many members will be hoping prices stay there as they tackle challenges from higher social spending to oilfield decline. In 2011, the Organization of the Petroleum Exporting Countries is on course to earn $894 billion from oil exports, …

DNE

OPEC will be fine without outside involvement: Iran OPEC governor

DOHA: The Organization of Petroleum Exporting Countries will watch market developments closely and will be able to work well together as long as there is ‘no outside influence,’ Iran’s OPEC governor said on Tuesday. OPEC, at its last meeting in June, failed to reach consensus on an output deal to contain crude oil prices and …

DNE

End of Section