Market players were focused on Thursday's decision by the OPEC oil cartel
to keep crude production at 30 million barrels a day despite global oversupply.
The fall is causing concern for members of the Opec oil cartel
, as most need a price above $80 a barrel to balance their government budgets and many need prices to be above $100 a barrel.
LONDON - Oil prices retreated on Wednesday, with traders fixed on the OPEC oil cartel
which appears set to maintain output at an upcoming meeting despite ample global supplies of crude.
The oil cartel
also reported that Iran's daily oil exports exceeded 2.
Investors are also waiting for the results of a meeting in Vienna later Friday of the Organisation of Petroleum Exporting Countries (OPEC) at which the oil cartel
is expected to maintain its output ceiling.
You probably know about OPEC, the international oil cartel
Summary: OPEC officials dismissed suggestions Thursday that the 50-year-old oil cartel
was in danger of extinction after it failed to do a deal on output to contain $118-a-barrel crude.
THE ASYLUM: THE RENEGADES WHO HIJACKED THE WORLD'S OIL MARKET offers insights into the underworld that reigns over global oil prices--the New York Mercantile Exchange--and exposes a private arena where traders influence even the world oil cartel
Top oil exporter Saudi Arabia will step up its use of crude for power generation in 2011, junior electricity minister Saleh Alawaji said, as the nation balances use of a new oilfield against obligations to oil cartel
the Organization of the Petroleum Exporting Countries (Opec).
The Organization of Petroleum Exporting Countries will be unable to exist for another 50 years as the age of oil will end if hydrogen can be produced as an alternative energy source at a low cost, Ahmed Zaki Yamani, former Saudi Arabian minister of oil and mineral resources, says in reference to the oil cartel
marking its 50th anniversary this year.
Azhari Ibrahim told reporters on Monday at the oil cartel
meeting in Luanda that joining OPEC is "under discussions within the government of Sudan" but no final decision has been made.
The development of partnership between Russia and the oil cartel
will be the focus of the meeting, according to Chmatko, quoted by Russian media since Abakahn, capital of the republic of Khakassia in Siberia (about 3400 kilometres, east of Moscow).
The increase came after the United Arab Emirates said it would cut output to comply with oil cartel
Opec's supply curbs and amid unrest in the Middle East.
A RECORD cut to production by oil cartel
Opec failed to prevent another fall in prices last night.
Nicosia, Dec 16 (ANI): Chakib Khelil, the President of Organisation of Oil Exporting Countries (OPEC) has expressed the hope that Russia would join the oil cartel
to boost its impact on the crude market.