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.
The few words that matter at Saturday’s energy summit in Jeddah will come from a former shepherd boy, Ali al-Naimi.
Saudi Arabia, Opec’s largest producer, moved to take some of the heat out of rising fuel prices on Sunday with plans to increase production.
Oil eased to under a barrel on Friday, but stayed within sight of its record high from the previous session, with a tumbling United States dollar, fund flows and Opec’s (the Organisation of the Petroleum Exporting Countries) reluctance to pump extra crude providing support.
Ministers of the Organisation of the Petroleum Exporting Countries (Opec) on Wednesday agreed to keep oil output steady and said record high prices had been driven by factors that were beyond their control. United States crude hit a record of ,95 a barrel on Monday and was trading above on Wednesday.
Opec ministers are poised to hold output steady at a meeting on Wednesday, resisting pressure from top consumer the United States to pump more oil to help prop up a fragile economy. Opec has said triple-digit oil has been driven by factors beyond its control, such as a weak dollar and speculation and not by any lack of fuel.
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/ 3 December 2007
Oil bounced back above a barrel on Monday as traders bet last week’s nearly sell-off was overdone, and might turn the tides against an expected increase in output by the Organisation of the Petroleum Exporting Countries when the cartel meets later this week.
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/ 29 November 2007
Oil prices rebounded by over a barrel on Thursday, after an explosion and fire at an oil terminal in Minnesota shut down most of the main pipeline that delivers Canadian crude to United States Midwest refineries. US crude rose by ,11 to ,73 a barrel by 4.35am GMT, recouping some of the previous session’s loss of ,80, or 4%.
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/ 13 November 2007
Oil prices dropped on Tuesday after a key Organisation of the Petroleum Exporting Countries (Opec) member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the dollar overnight. Light, sweet crude for December delivery fell by six cents to ,56 a barrel.