Wednesday, April 7, 2010 as of 11:14 AM ET
The Organization of the Petroleum Exporting Countries (OPEC; ) is an intergovernmental organization of twelve oil-producing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Read More at Wikipedia ›Indonesia has picked the winners for 13 out of 25 oil and gas blocks it opened for bidding earlier this year.
The Ministry of Energy & Mineral Resources said Saturday among the successful bidders is a consortium consisting of New Zealand Oil & Gas Ltd. (NZO.NZ), Bukit Energy Asia Pte. and Surya Buana Lestari, which won the bid for the onshore Bohorok block in North Sumatra.France's Total SA (FP.FR TOT) was named the winner for the offshore Bengkulu-I Mentawai block in Sumatra, and offshore Telen block in the Makassar Strait, the ministry said.Meanwhile, the consortium formed by Norway's Statoil ASA (STL.OS, STO) and Japan's Niko Resources Ltd. (NKO.T, NKRSF) won the offshore Aru block, it said.The ministry added that it failed to attract bidders for 10 blocks, and is still evaluating the bids for one block. However, it didn't provide any details.The government has been actively offering new blocks to boost production. While its gas production is increasing, its crude-oil output has been...Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the e...
Qatar is currently producing crude oil at full capacity and is sticking with its OPEC quota, Minister of Energy and Industry Mohammed Bin Saleh Al-Sada said Friday.Q...
FBN’s Nicole Petallides on J.P. Morgan and Morgan Stanley weighing on the financial sector.
Crude-oil futures settled lower a spate of negative news Friday, including word of ample crude supply, discouraging signs for economic growth and revelations of a $2...
Crude-oil futures fell below $96 a barrel in early morning trading as news of J.P. Morgan Chase & Co.'s (JPM) $2 billion trading loss threw fresh fears of stronger b...
Oil fell below $112 a barrel on Friday after a weak reading of industrial growth in China sparked worries about demand growth from the world's number two oil consume...
Global oil supply rose to 91 million barrels a day in April, a rise of 600,000 barrels from the previous month, the Paris-based International Energy Agency said in i...
OPEC is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk, the oil producing group said on ...
OPEC Thursday disclosed its members are pumping at levels not seen since the 2008 recession and said it stopped revising down its oil-demand growth forecast.In its l...
The Organization of Petroleum Exporting Countries, or OPEC, on Thursday said it expects world oil demand to grow by 900,000 barrels a day in 2012, up slightly from 8...
U.S. crude futures edged lower Wednesday, recovering from much steeper losses earlier in the day, in the wake of a mixed report on U.S. oil inventories.European crud...
Oil futures pared their losses Wednesday after government data showed a bigger-than-expected drop in U.S. fuel stockpiles.Gasoline inventories last week fell 2.6 mil...
Former Shell CEO John Hofmeister on the factors driving the price of oil lower.
Manhattan Institute Senior Fellow Robert Bryce on the impact of regulations on coal and the energy industry as a whole.
Crude oil futures prices settled at a fresh seven-month low, breaking below $90 a barrel Wednesday, as the latest U.S. weekly oil data showed stockpiles remaining at...
Crude oil futures were weaker Wednesday as fresh worries that Greece may exit the euro raised concerns over the health of European economies.After Lucas Papademos, f...
Rosenthal Wealth Management president Larry Rosenthal gives his outlook for the markets.
FBN’s Sandra Smith argues severe weakness in the euro and a strong dollar are affecting oil prices.
Platts Global Director of News John Kingston on the outlook for oil and gas prices and what is needed to bring down the price of gas.
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