Opec has concerns that future demand for oil might not be strong enough to justify investment to boost oil production.
Oil rose more than a barrel on Monday to a new record above , propelled by heightened market fears of conflict between Israel and Iran.
Oil leapt to a new record high above a barrel on Friday, extending gains after surging nearly 4% in the previous session.
Oil leapt to a new record high near a barrel on Friday, extending gains after surging nearly 4% in the previous session.
Algerian Energy Minister Chakib Khelil, president of Opec, forecast on Thursday that oil prices could rise to $150 to $170 a barrel.
Chakib Khelil, president of Opec, on Tuesday rebuffed calls from oil-consuming countries to increase supply.
Oil rose nearly 1% on Monday, as tensions between Israel and Iran stoked supply concerns and traders doubted Saudi Arabia’s promise to pump more oil.
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 Mozambican government is to suspend temporarily customs duties and value-added tax on all imported fuel products.
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.
The few words that matter at Saturday’s energy summit in Jeddah will come from a former shepherd boy, Ali al-Naimi.
Fears are growing over a potential cash crisis at the United States’s top carmakers after Ford warned its losses are running into billions.
The dotcom bust shook the world almost a decade ago, last year the credit crunch seized up markets, and now an oil price bubble may cause more havoc.
Rising oil prices, global food shortages and the economic crisis are proof for many survivalists that society is on the brink of meltdown.
There will be no tampering with the fuel levies to try to ease the pain of oil price increases, the Cabinet has decided.
Opec secretary general Abdullah al-Badri on Tuesday appealed for calm, saying the record-high oil price was unbearable and did not reflect any shortage of supply.
High global oil prices and cuts in fuel subsidies in some countries will slow growth of oil demand this year, the International Energy Agency (IEA) forecast on Tuesday, also reporting a surge in supply in May.
Concerns were growing on Monday night over a summer of coordinated European fuel protests after tens of thousands of Spanish truckers blocked roads and the French border, sparking similar action in Portugal and France.
Oil prices dropped more than $1 on Monday after rocketing to record heights near $140 per barrel late last week, but some analysts warned of a bubble that could burst soon.
Airlines will move from a profit of $5,6-billion last year to a loss of $6,1-billion this year if oil is trading at $135 a barrel, according to forecasts from the global airline body.
World crude prices are expected to reach per barrel by the end of summer, Iran’s representative to the Organisation of the Petroleum Exporting Countries (Opec) was quoted as saying on Sunday.
Group of Eight energy ministers on Sunday looked inward for solutions to oil’s unrelenting rally.
United States Energy Secretary Sam Bodman called on Saturday for more countries to scrap fuel price subsidies that stoke oil demand.