Simon Webb

Oil firms to scramble for Iraq deals on live TV

The secretive world of Middle East oil deals will be thrown open in Baghdad next week when a contract auction is broadcast live.

Opec stays the course, hopes for high prices

Opec ministers on Thursday decided to ''stay the course'' and keep output steady as they bet on a strengthening economy to boost oil prices.

Pirates hijack oil supertanker off East Africa

Pirates have seized a Saudi-owned supertanker fully laden with oil off East Africa, the United Sates navy said.

Jeddah starts oil-price dialogue, but no quick fix

World energy powers embarked on a new level of dialogue to rein in runaway oil prices at an emergency meeting in the Red Sea city of Jeddah on Sunday.

Oil powers seek tonic to record prices

The world's top energy policymakers meet in the Red Sea city of Jeddah on Sunday for emergency talks on halting oil's unrelenting rally.

IMF: High oil price dampening world growth

Record high oil prices over a barrel are slowing world economic growth, John Lipsky, first deputy managing director of the International Monetary Fund (IMF), said on Monday. ''It's dampening growth -- that's for sure, but of course it is benefiting exporters,'' he said. ''It's going to slow growth as we've said before. It's one of the many factors this year.''

Opec worried by record oil prices

The Organisation of the Petroleum Exporting Countries (Opec) voiced concern on Tuesday over oil's relentless rise towards $88 a barrel, but some members said the exporter group can do nothing more to control the rally. Opec agreed last month to raise production by 500 000 barrels per day from November 1.

Opec considers modest oil output rise

Opec was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of oil and rapidly diminishing stocks. But the plan to add 500 000 barrels per day of oil had yet to convince all Opec ministers.

Opec scepticism pushes oil below $58

Oil prices fell below a barrel on Friday, even though Organisation of the Petroleum Exporting Countries (Opec) made a deeper output cut than expected, on concerns that some of the group's members may fail to comply with the curbs. ''There's still a degree of scepticism over whether they will deliver all the cuts,'' said a commodity strategist.

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