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/ 31 January 2008
The Organisation of the Petroleum Exporting Countries (Opec) on Thursday looked set to rebuff consumer calls for more crude oil, saying it was powerless to help stave off recessionary pressures in the West. Enjoying a sixth year of crude price gains, Opec argues it can do little to help avoid a slowdown in the United States, its leading customer.
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/ 18 November 2007
”Kill the cable, kill the cable,” shouted the security guard as he burst through the double doors into the media room at the Intercontinental Hotel in Riyadh, followed by Saudi police. It was too late. A private meeting of Opec leaders, gathered this weekend in Riyadh for the cartel’s third meeting in its 47-year history, had just been broadcast to the world’s media.
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/ 1 November 2007
Oil leaped more than 1% on Thursday, briefly topping for the first time and extending the previous day’s 5% jump after an unexpected sharp fall in United States crude stocks and data showing strong economic growth. The rise toward oil’s inflation-adjusted peak of ,70 from April 1980 was also supported by US dollar weakness after a Federal Reserve interest rate cut.