OPEC

FILE - In this Dec. 13, 2009 file photo, an Iraqi worker operates valves at the Rumaila oil refinery near the city of Basra, 550 kilometers (340 miles) southeast of Baghdad, Iraq. The turmoil in Iraq has thrown the OPEC member’s ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline. Northern oil fields imperiled by the militants’ advance have been shut down, and companies have begun evacuating workers elsewhere in the country. Iraq’s Kurdish minority has moved to solidify control over the northern oil-rich city of Kirkuk and other disputed areas, weakening Baghdad’s claims to the energy riches buried beneath while bolstering the Kurds’ aspirations of greater autonomy. (AP Photo/Nabil al-Jurani, File)

Iraq upheaval threatens oil development plans

BAGHDAD (AP) — The turmoil in Iraq has thrown the OPEC member’s ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline. Northern oil fields imperiled by the militants’ […]

06/23/2014

Organization of the Petroleum Exporting Countries logo (AP Photo)

Oil falls below $92 on high supplies, OPEC output

(AP) – The price of oil fell 2 percent to its lowest level in a month after OPEC stuck to its current production target despite ample supplies of crude. U.S. crude oil futures fell $1.64 […]

05/31/2013

Organization of the Petroleum Exporting Countries logo (AP Photo)

OPEC keeps oil output target at 30 million barrels

VIENNA (AP) — OPEC oil ministers reached quick agreement Friday on keeping output targets steady but deferred solutions on how to deal with surging U.S. shale oil production and internal rivalries denting the organization’s image […]

05/31/2013

US may soon become world's top oil producer

NEW YORK (AP) – U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer. The boom in production is being driven by high oil […]

10/23/2012

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