InfoAnda - Tough times force OPEC members to close ranks

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

Relatives of jailed Azerbaijani bloggers appeal to Obama | 24 September 2010
U.S. DVD sales drop and rentals flat | Technology | | 8 January 2009
Indonesia watchdog appeals against Carrefour ruling | 3 March 2010

Honda cuts output by 50,000 | 27 January 2009

Forum Views () Forum Replies ()

Read more with google mobile : Tough times force OPEC members to close ranks

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Tough times force OPEC members to close ranks AFP - Monday, December 7 Send IM Story Print Algerian Oil Minister Chakib Khelil attends a meeting of the Organisation of Arab Petroleum Exporting Countries (OAPEC) to discuss latest developments in the global oil market in Cairo on December 5. Divisions within OPEC have eased as the dual threat of the global economic crisis and climate change talks force oil producers to be pragmatic and unified, analysts said on Sunday. CAIRO (AFP) - – Divisions within OPEC have eased as the dual threat of the global economic crisis and climate change talks force oil producers to be pragmatic and unified, analysts said on Sunday. Two years ago, when oil prices soared to nearly 100 dollars a barrel, the oil exporters cartel, which includes both allies and foes of the United States, was severely tested. The Organisation of Petroleum Exporting Countries was then torn between price hawks like Algeria, Iran, Libya and Venezuela on one side and nations like Saudi Arabia which wanted moderate prices in the interests of consumers. But the stance of the price hawks has since lost support, leading to a convergence of positions within the bloc. Less than three weeks ahead of the next OPEC meeting in Luanda, Angola, the group's oil ministers agree that quotas must remain at their current level of 24.84 million barrels per day (bpd). Even US arch-foes Iran and Venezuela support that view. Although the price of oil is trading at around 75 dollars a barrel, nobody is daring to ask for 100 dollars. Observers say this unity has come about largely thanks to pragmatism instilled into producers by the events of 2008: an unprecedented price surge to 147.50 dollars a barrel, followed by a plunge to 32.40 dollars in December. "What happened makes you think. An oil price of 75 dollars is higher than they could have hoped for. Even the most hawkish nations are finding it hard to ask for more," said Francis Perrin of the Oil and Gas Journal. This turnaround came about because producers were afraid of another price collapse, according to Julian Lee, analyst at the Centre For Global Energy Studies in London. "They still have a big fear of oil (prices) falling ... They haven't entirely lost that fear," said Lee. Another reason for the appeasement of the hawks was that the countries which traditionally call for high prices have proved less than effective in implementing decisions taken by OPEC. At a meeting in Oran, Algeria in December 2008, OPEC pledged to withdraw 4.2 million bpd from production from the start of 2009 in order to stabilise the market. However, the bulk of the sacrifice was provided by Saudi Arabia, while Iran did not implement the agreed cut in production. "The influence of the hawks is limited" because "if somebody raises the issue of higher prices ... he will be told to comply more," said David Wech, an analyst at JBC Energy. Finally, while the impact of the global recession is still being felt on oil demand, another key challenge for producers looms in the shape of measures to reduce carbon emissions. Such a deal could be signed this week in Copenhagen during landmark UN-led talks on tackling global warming. "When you see in the OPEC bulletins the rising concern linked to climate change, you can see that producers are closing ranks," said Perrin. "In the hardest times in its history, OPEC tends to stick together." Measures to reduce the share of fossil fuels in total energy consumption directly threaten the interests of oil producers. OPEC's decision last December to cut production by 4.2 million bpd officially brought down the total output of the 12-member cartel -- excluding Iraq -- to 24.84 million bpd. On Friday, crude prices tumbled in volatile trade, succumbing to a stronger dollar following an improved US jobs report picture. New York's main contract, light sweet crude for January delivery, fell 99 cents to 75.47 dollars a barrel. In London, Brent North Sea crude for delivery in January dropped 84 cents to settle at 77.52 dollars a barrel. Recommend Send IM Story Print News Search Top Stories 'I'm A Celebrity' TV stars charged over rat risotto Unbeaten NFL Saints get a scare but keep up with Colts British banks face tax on bonuses: reports Fake drugs trade on the rise: EU Tough times force OPEC members to close ranks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended British royals warn newspapers over paparazzi shots Hundreds protest New York 9/11 trial UAE stocks recover after Dubai debt crisis losses Saudi hails 'perfect' oil price, stable market Tiger's woes played for TV laughs in spoof More Most Viewed » Global stocks mixed amid Dubai debt crisis Tiny magnetic discs could kill cancer cells: study Alcohol helps cut heart disease risk for men: study Mankind using Earth's resources at alarming rate Dubai blackout over debt plans to hit Gulf markets More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Monday, 7 December 2009
ElBaradei sets conditions for Egypt presidency run
Virgin Galactic readies maiden suborbital flight
Climate pledges 'put world on track for 3.5 C rise'
British royals warn newspapers over paparazzi shots
Karzai urges flexibility for U.S. troop timeline |
West Bank settlers step up resistance to freeze
Iraq cuts short nightlife revival with bar closures
Indian PM arrives in Russia for arms, nuclear deals |
Police clash with youths on Greek riots anniversary |
Israeli settlers step up protest against freeze
U.N. says biggest climate talks in history must deliver |
Turkey says no more troops for Afghanistan
Swiss minaret ban reversal vote in pipeline |
Iran opposition leader says reform movement alive |
Malaysia grabs three of five Super Series titles
E.Asian Games medal race has familiar look
Mass. Sen. hopefuls working to get voters to polls
Study: Missing DNA can promote childhood obesity
Wolf recovery at crossroads in the Southwest
China's Liu Zige wins 200m fly, misses record
Australia steps up wildfire preparedness
'Blind Side' eclipses 'New Moon' with $20M weekend
Pakistan police arrest gang accused in bombings
21 killed, 50 hurt in bus collision in Bangladesh
Obama aide cites al-Qaida leader in Afghanistan
McCain troubled by Afghan pullout target date
15 killed, 30 hurt in bus collision in Bangladesh
Clinton hasn't looked into Knox case in Italy
Obama security adviser: Picture not good on Iran
PROMISES, PROMISES: A closed meeting on openness
Must-pass bills pile up as days wind down
Obama To Meet With Democrats On Health Care Bill
Reed Certified As Atlanta Mayor
GOP Wants Baucus Investigated For Recommending Girlfriend In U.S. Attorney Post
Two People, Dozens Of Horses Killed In Barn Fire
'SNL' can't resist Tiger Woods jokes
African-American princess joins Disney royals
Blind Side tackles top spot at movie box offices |
Marketing magic: the business of Christmas markets
Episcopal church elects lesbian bishop in Los Angeles
"Agitprop" Austrian sculptor Hrdlicka dies at 81
Bacons perform at Philly Mummers' fundraiser
Climate change has silver lining for English vineyards
Dubai faces gradual exodus of expatriate workers
Iraq poll preparation begins
British banks face tax on bonuses: reports
Afghan women among worst off in world-rights group |
Facebook forms board on online safety
Unbeaten NFL Saints get a scare but keep up with Colts
Intel scraps graphics chip based on Larrabee
Date for US drawdown needed for Afghans: Gates
Fake drugs trade on the rise: EU
US to launch new bid to hunt down Bin Laden
Iranian police surround university to prevent protest |
Spain move to help Western Sahara hunger striker
Bolivia's Morales claims re-election, Congress control |
Opposition figures arrested as Sudan bans rally
Mexicans in drug war city call on army to leave |
Iraq lawmakers end impasse, election to go ahead
Tough times force OPEC members to close ranks
Iraq clears way for parliamentary elections
Iraq lawmakers end impasse, election to go ahead |
Opposition figures arrested as Sudan bans rally |
Senior Venezuelan minister resigns in bank scandal |
Sudan must explain Darfur peacekeeper killing
Honduras' Zelaya to stay in Brazil embassy |
Japan PM support below 60 percent as coalition bickers |
Facebook forms board on online safety |
Intel scraps graphics chip based on Larrabee |
Election of lesbian bishop reopens Anglican wounds
US applauds Iraq plans for parliamentary elections
Pearl Harbor survivor back for 1st time since war
Police charge 3 after Indonesian bar fire kills 20
WA police probe fake radio call reporting shooting
Popularity soars for Taiwan opposition leader
More than 500 claims filed against NW Jesuits
Drunk Taiwan vote loser shoots rival's sister
Obama rallies Democratic troops on health care
Obama urges Dems to pass health care overhaul
Philippines says clan gunmen attack police
Kashmir's anonymous graves summon darkest days
Senate votes to spare plaintiffs' lawyers
10,000 lanterns fly into record book in Indonesia
Chicago police say nothing found in Blago burglary
Japan PM support below 60 percent as coalition bickers
Philippine massacre suspects face rebellion raps
Broken promises fuel Thai insurgency: analysts
Australia opposition leader enjoys poll boost
Asian markets mixed after US jobs report
Korea Hot Stocks
Xinhua: China auto sales pass 12M in Jan-Nov
World trade to fall "unprecedented" 10 pct: Lamy
Blind Side tackles top spot at movie box offices |
Japan to finalise stimulus package: PM
Jack Black gets animated with movie project |
Pakistan
Kennedy Center gala honors performing arts greats |
NZ recovery may not be sustainable
Cable network TNT pinning hopes on Men |
Xinhua: China plans to keep stimulus, easy credit
Mamet's Race more entertaining than insightful |
China's BoCom says has financing plans, no timetable
Bennett Miller in talks to direct Moneyball' |
Seoul shares rise on U.S. data relief; exporters up
Jerry O'Connell signs on for NBC pilot |
Galactic enlists New Orleans legends for new album |
Billboard names Powter One-Hit Wonder of Decade
Jerry O'Connell signs on for NBC pilot
Cash-strapped Americans seek holiday gift alternatives
Kennedy Center gala honors performing arts greats
Obama on Bruce Springsteen: 'he's the Boss'
Bennett Miller in talks to direct "Moneyball'
Boyle stays British number one
'The Blind Side' tops North America box office
"Blind Side" tackles top spot at movie box offices
Mom Gives Birth Aboard Southwest Airlines
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		BlogMeter 1.01