OPEC posts

Saudi Arabia Boosts Oil Production, Prices 'Retreat'

Filed under: Financial Crisis, Investing

In response to the disruption of oil supply stemming from the civil unrest in Libya, Saudi Arabia has quietly increased its oil output to more than 9 million barrels per day (bpd). That's an increase of 700,000 bpd from Saudi Arabia's estimated 8.3 million bpd in January.

The price of crude oil reached almost $120 a barrel yesterday, but had dropped to $111.38 earlier today.

Real Disruption to Supply
It seems like just a few weeks ago that we were on the edge of our seats because oil was approaching $90 a barrel. Oh, that's right. It was. Last month's civil unrest in Tunisia saw oil prices rise rapidly, then fall again to slightly more comfortable levels. At that time, the Organization of Oil Exporting Countries (OPEC) said they would not change their output quotas because there was no issue with supply.

Tags: gas prices, GasPrices, libya, libya protests, libya unrest, LibyaProtests, LibyaUnrest, oil prices, OilPrices, OPEC, saudi arabia, SaudiArabia

Continue reading Saudi Arabia Boosts Oil Production, Prices 'Retreat'

OPEC Members Think Oil Prices are Just Right; Consumers Beg to Differ

by Danielle Arbuckle

Filed under: Consumer Complaints, Family Finances

OPEC (the Organization of Oil Exporting Countries) announced yesterday that it saw no reason to increase its output of oil and would be maintaining its current quota levels. While the decision does not come as a surprise, it is disappointing to consumers feeling battered at the pumps. With prices ranging from $1.07 to $1.19 per litre across Canada this week, most of us are feeling the pinch of increasing oil prices. Particularly hard hit are U.S. consumers, many of whom are feeling the effects of a weak dollar and still-fragile economy.

Although OPEC delegates were in 100% agreement to maintain quota levels, member countries typically fall into one of two camps. Some member countries, including Venezuela, Algeria, Iran, and Libya, have been vocal about seeking the highest sustainable price for their oil. Algerian Energy and Mines Minister Youcef Yousfi publicly stated that he believes an oil price between US$80 and US$100 per barrel is ideal.

Tags: gas, gas prices, GasolinePrices, GasPrices, oil prices, oil production, OilPrices, OilProduction, OPEC, opec production, OpecProduction