InfoAnda - OPEC braces for tough times as global recession bites

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Authorities Shoot Two Dogs During Massive Drug Sweep | 4 April 2010
Main elements behind bombing killed: Iran Guards | | 27 September 2010
Firearm Scope Maker's Bible Verses On Products Used By Military Ignite Controversy | 19 January 2010

U.N. rights body backs critique of Gaza flotilla raid | 30 September 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : OPEC braces for tough times as global recession bites

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: OPEC braces for tough times as global recession bites AFP - Sunday, November 30 CAIRO, (AFP) - - The OPEC oil exporting cartel, suffering from plummeting oil prices, faces further pain next year as a worldwide recession dampens demand for crude even more, analysts believe. "OPEC is dealing with tough circumstances, the toughest in 10 if not 30 years," Raad AlKadiri of PFC Energy told AFP on the sidelines of OPEC's informal gathering in the Egyptian capital. Although OPEC ministers decided on Saturday to keep output unchanged, they also vowed to cut production next month in the face of flagging demand and despite the global financial crisis. "We took note of the serious deterioration in the world economy and its serious consequence on the oil price," OPEC President Chakib Khelil said, adding that "negative growth in (oil) demand is possible" next year. "We realise that in the first quarter of next year we are probably going to have a decline in demand, and in the second quarter we are going to have a big decline," Khelil said. The Organisation of Petroleum Exporting Countries, which pumps 40 percent of the world's oil, has already slashed its output twice this year by a total of two million barrels per day in response to falling prices. But the production cuts, agreed in September and October, failed to stop prices sliding under 50 dollars a barrel earlier this month as concern mounted about a global recession that has already infected the eurozone and Japan. Analysts said that OPEC's hands were tied because cutting output could damage the world economy even more. "With much of the world in or heading towards a recession, OPEC does not have a huge amount of political leverage in being able to dramatically reduce production," said BetOnMarkets analyst Dave Evans in London. "They have to support crude prices while at the same time ensuring that they do not do long-term damage to the global economy. They cannot afford to bite the hand that feeds." Earlier this month, Brent North Sea oil plunged to 47.40 dollars and New York crude touched 48.35 dollars, marking the lowest points for nearly four years, as recession concerns intensified. That compared with their respective record highs of 147.50 and 147.27 dollars on July 11, when supply concerns had sent them rocketing. "The economic data is changing and getting worse every other week," added analyst Bill Farren-Price at Medley Global Advisers. "The US new demand data for September which shows 13 percent demand contraction in (oil) products consumption. And that's very serious." OPEC also predicted on Saturday that the market would not recover before the second half of 2009 amid the looming global recession. Evans warned that the impact on energy demand -- and oil prices -- would depend on the severity of the sharp economic slowdown. "Recessions are often officially announced many months after one actually starts, but whether one is 'officially' declared or not, the US, UK, Japan and most of Europe are in recession. Even the Chinese behemoth is slowing," he said. "Subsequent energy demand depends on how protracted the decline turns out to be. If it looks like the global slump will get worse than currently expected, then energy demand will fall further." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike OPEC braces for tough times as global recession bitesAFP - Sunday, November 30 OPEC holds current output, hints at December cutAFP - Sunday, November 30 OPEC freezes crude output quotaAFP - Sunday, November 30 Saudi king says oil should be $75 per barrelAP - Sunday, November 30 Related Articles: Business SKorea's Hyundai Motor cuts domestic productionAFP - 25 minutes ago Thai grenade attack stokes tension ahead of rallyReuters - 34 minutes ago Indian home minister resigns over Mumbai-ruling partyReuters - 36 minutes ago NEWSMAKER-BHP head to focus on downturn after Rio failureReuters - 45 minutes ago NEWSMAKER-China's richest man thrown into spotlight amid probeReuters - 58 minutes ago Enlarge Photo OPEC braces for tough times as global recession bites Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed World's oldest person dies at 115 years Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' Michael Jackson strikes 'amicable' deal with Arab sheikh Bomber strikes Shiite mosque after Iraq approves US pact View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Saturday, 29 November 2008
Chinese business delegations depart from Mumbai
A worried Mumbai tries to recover from fatal siege
A look at major attacks in India since 1993
SMA, WDA, Ngee Ann Polytechnic ink agreement on media training centre
Suspected US missile strike kills 2 in NW Pakistan
Jailed Hamas official has kidney stone removed
UN says 2 dead in attack near its Iraq compound
Russia imposes blackout on contested army reform: report
Hamas claims mortar attack on Israeli army base
World Bank presses aid to developing world to ease crisis
Iran blames West for global crisis | International |
WITNESS: Black Cats prowl Taj as gunfight ends Mumbai siege | International |
Suspected U.S. strike kills 2 in Pakistan | International |
Ex-Taliban spokesman killed in Afghanistan | International |
Nigerian army intervenes to end clashes in city | International |
Pakistan U-turns on sending spy chief to India
Police kill hostage-taker in China store | International |
Body of Singaporean killed in Mumbai expected back Sunday morning
UN, EC call for global stimulus at development meet
Zimbabwe offers free graves as cholera spreads | International |
Man with knife attacks Chinese Carrefour outlet
Singaporeans mourn the tragic death of Lo Hwei Yen
Main Bangkok airport closed at least until Monday
Police kill hostage-taking knifeman in Chinese supermarket: state media
FACTBOX-The plans and tactics of the Mumbai attackers
Saudi king says oil should be $75 per barrel
China: Sarkozy-Dalai Lama meeting threatens trade
Martial arts experts hope more people will take up the sport
Pakistan holds crisis talks after Mumbai atrocity
Indian forces kill last gunmen in Mumbai
Sri Lanka: 7 killed, 98,000 displaced by floods
Police flee checkpoint after protesters attack
UN says Bangladesh polls appear on right track
Pakistan pledges action on any group involved in Mumbai attacks
Sri Lanka: 4 killed, 71,000 displaced by floods
Travellers stranded in Bangkok returning to S’pore on rescue flights
Pakistan president warns India not to over-react
Sydney Opera House architect Joern Utzon dies
A look at confirmed foreigner deaths in Mumbai
Bridge linking Stadium Crescent and Tanjung Rhu to open on Sunday
Sri Lanka: Air force bombs rebel positions
Indian forces kill last gunmen in Mumbai; 195 dead
New media education & training centre to set up for working adults
100,000 stranded in Thailand after airports shut
All Blacks down England to seal rugby grand slam
Thai protesters attack police cordon near airport
RugbyU: Wales scalp Australia in rare win
Mumbai terror rage ends after 60 hours, 195 dead
Grenade wounds 46 protesters at Thai PM's office: emergency services
Official: Explosion at Thai protest site wounds 33
Dr Yaacob Ibrahim extends condolences to family of Lo Hwei Yen
Pakistan U-turns on sending spy chief to India
Barenboim debuts "Tristan" with passion, fatalism
India ends Mumbai rampage after 60 hours, 195 dead
India terror begins with corpses on train platform
Japan should acknowledge 'comfort women' pain: British MPs
India terror begins with corpses on train platform
Child in US custody fight adjusts to new country
Gaza incursion becoming more likely: Israel
US training Iraqis to defeat deadly roadside bombs
Ex-hostage Ingrid Betancourt returns to Colombia
At least 200 killed in clashes in Nigeria | International |
Iraq's top Shiite cleric has concerns over US pact
OPEC freezes crude output quota
Iraqis find 33 bodies beneath former Al-Qaeda 'court'
Betancourt on first visit to Colombia since rescue | International |
At least 381 dead after Nigeria clashes: witness
Report: Iran court upholds stoning death sentence
Congo rebel chief says war if no talks with government | International |
WITNESS: In the wreckage of Mumbai's Trident hotel | International |
WTO chief says expects ministerial decision next week | International |
80 whales stranded in Australia
Settlers clash with Palestinians in WBank city | International |
Iraq, US push for quick implemenation of forces deal
Obama buzz felt at global climate talks
Sydney Opera House to darken in mourning
Thai protesters attack police cordon near airport
Iraqi army finds 30 bodies in shallow graves | International |
More S’poreans trying out farmstay resort at Lim Chu Kang
80 whales stranded on rocks in Tasmania
Germany plans lab tests for airport naked scans | Technology |
First black box recovered from French jet crash
OPEC freezes crude output quota
Bush pledges full American support as India investigates attacks
OPEC ends Cairo meeting without new output cuts
Dutch cafe owners rally against smoking ban
PR actress Roselyn Sanchez marries Eric Winter
Live Earth concert in Mumbai cancelled: organisers
Crinolines -- for the well-dressed woman in a hurry
'Christmas Story' fans celebrate film's 25th year
Attacks push India and Pakistan into deep water: analysts
India ends Mumbai rampage after 60 hours, 195 dead
Australia mourns 'genius' Sydney Opera House designer
Greenland sees education as key to independence
India's Jews stunned by Mumbai attack
Protest blasts wound dozens as Thai tensions rise
Defiant Mumbai vows: 'The Taj will rise again'
UN says Bangladesh polls appear on right track
Israel keeps Gaza borders sealed
British soldiers shoot Afghan policeman dead: military
Indian anger rises as Mumbai cleans up | International |
Thai grenade attack stokes tension ahead of rally | International |
Endeavour set to land in Florida, weather permitting
Hundreds of South Koreans leave North before clampdown | International |
World AIDS Day highlights big challenges 20 years on
Endeavour set to land in Florida, weather permitting
China's richest man thrown into spotlight amid probe | International |
Singapore's Lee Kuan Yew recovering after surgery
US military deaths in Iraq war at 4,206
Aide: India's home minister offers to resign
SKorea's Hyundai Motor cuts domestic production
Citigroup to sell trust banking unit in Japan: reports
150 whales die in stranding in Australia
Indian home minister resigns: source
Chinese leader says China losing competitive edge
Report: Citigroup to sell Japan trust banking unit
NZealand air force to monitor Japanese whalers: defence minister
Taiwanese motorcyclists mark AIDS Day
Britain readies new measures as UN steers aid to poor nations
NATO kills Afghan policeman driving at patrol
OPEC braces for tough times as global recession bites
OPEC braces for tough times as global recession bites
T.I. fends off Beyonce | Entertainment |
Sri Lanka resumes advance on rebel HQ
China losing competitive edge amid crisis: President Hu
Mumbai attacks chill India economic prospects: analysts
Belgian TV news crew beaten in China | Entertainment |
Thai protests crushing for tourism, business, economy: experts
33 protesters wounded in Bangkok explosion
Sydney Opera House to darken in mourning
In the kitchen with France's sole three-star woman chef
Bohemian New Yorkers make art sexy again
Indonesia's vast Papua in the grip of Asia's worst AIDS crisis
'Europe's last dictatorship' gets Western PR makeover
80 whales die in stranding in Australia
300 Chinese cab drivers hold strike in south China
India ends Mumbai rampage after 60 hours, 174 dead
Chaos reigns at Thailand's tourist airlift
India probes Pakistan links to Mumbai attacks
British actor arrested after escaping real life Mumbai horror
72 whales die in mass stranding in Australia: official
China may legalize horse betting: state media
51 protesters wounded in Bangkok explosions
ASEAN summit could be put back to March: Thai foreign minister
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01