OPEC said it will leave its official production ceiling unchanged, dashing hopes for an official increase that could have sent crude prices lower.
For the first time in three years, OPEC nations agreed Wednesday to a higher oil output level despite continuing uncertainty in the global economy.
The head of OPEC said Wednesday that speculators are at least partly to blame for high oil prices -- not any lack of supply on world markets.
Representatives from a half-dozen OPEC nations acknowledged Monday what many U.S. politicians won't -- that global warming is indeed a problem.
OPEC now expects demand for oil to grow even more than it projected just a year ago, as the oil cartel said the recovery from the Great Recession took place faster than it expected.
OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery.
Oil prices breached the $100-a-barrel mark Wednesday after OPEC said it could not reach an agreement about raising crude production.
The dozen members of OPEC convened in a climate of highly charged politics, a war in a member state and with countries like the United States asking for some relief from $100 oil. It was one of the most interesting meetings in a decade because it is evidence that geo-politics and oil definitely mix and cause combustion.
CNN's John Defterios reports on whether OPEC will raise its production quota.
Oil prices eased Tuesday following reports that key producers are discussing the possibility of increasing output.
The price that your parents pay to fill up the family car is rising. Ever stop to think about what's behind the price at the pump? Here's a look at where the money goes when you buy a gallon of regular gasoline.
CNN's John Defterios looks at the changing history of OPEC, keeper of one-third the world's oil reserves.
Autumn 1960 in Baghdad. Five heads of state sign on the dotted line to alter the course of energy for decades to come.
Oil prices rose above $74 a barrel on Tuesday after the government released its final revision of third-quarter GDP and OPEC left oil output targets unchanged.
Oil prices have vaulted above $78 a barrel this week as investors continue to fret about a weak dollar and the pace of the economic recovery.
OPEC on Thursday agreed to leave current production levels unchanged, citing an oversupplied market and "downside risks associated with the extremely fragile recovery."
Oil sold off Monday to settle near the $70 mark as the dollar rose, stocks fell, and a slew of global events put downward pressure on prices.
Oil rose above $65 a barrel Thursday after OPEC decided to leave the group's crude production unchanged and an inventory report showed an unexpected decline in supply.
Oil prices rebounded Tuesday to their highest level this year as a triple-digit rally on Wall Street pulled crude off its earlier lows.
Oil prices followed the stock market higher Thursday after Wells Fargo released a bright earnings outlook.
Crude closed at $33.87 a barrel earlier this winter, and that's likely the lowest we'll see for some time.
Oil prices closed higher Monday, recovering from earlier losses, as investors responded to rising stock prices, a weaker U.S. dollar and reports of a pipeline attack in Nigeria.
Oil prices sank nearly a dollar Friday as OPEC and the IEA cut their 2009 demand projections.
Oil prices rose above $47 a barrel Monday on talk of an OPEC production cut, but they fell off the day's high after comments from Saudi Arabia put a damper on the speculation.
Oil prices dropped 10% Monday as concerns over a weakening economy overshadowed signs of supply reductions from OPEC.
Oil gained more than $2 a barrel Wednesday, after a government report showed that while supplies of gasoline fell much more than expected, crude stockpiles continue to grow amid sluggish demand.
Oil prices fell Monday, erasing earlier gains, as the market remains confined to a narrow trading range by concerns about waning demand and ongoing production cuts.
Oil settled nearly a dollar higher Thursday after investors digested several economic reports and weighed the possibility of another OPEC production cut announcement in March.
Oil prices turned lower Wednesday, as a bigger-than-expected increase in the nation's crude supply offset indications of further OPEC production cuts.
Oil prices rose Tuesday as signs of OPEC production cuts began to emerge. But gains were tempered as the group fell short of its pledge and the economy continued to show weakness.
Oil prices fell nearly $2 a barrel Thursday, to the lowest close since Christmas Eve, as global economic weakness and falling demand continued to weigh on the market.
The price of oil fell Monday as investors remained focused on last week's bad economic news and bet that demand for petroleum products will continue to decline.
Oil prices fell Friday after a government report showing significant job losses added to concerns about weaker demand in an ailing economy.
Oil prices rose back above $37 a barrel Friday after OPEC member United Arab Emirates detailed how it would cut production as part of the trade group's pledge to reduce output by 2.2 million barrels a day in January.
Oil prices fell sharply Friday, on the last day of the January contract, as the global economic slowdown continues to clamp down on demand.
Despite the recent rout in oil prices, the government expects crude to shoot back up over the long term. That is expected to result in a drastic drop in oil imports and a greater use of renewable energy.
The Organization of Petroleum Exporting Countries, in a bold but not unexpected move to prop up falling oil prices, said Wednesday that it would cut production by 2.2 million barrels a day starting next month. The cut is the largest ever announced by OPEC.
Oil prices retreated after briefly topping $50 a barrel Monday as concerns about the economy overshadowed a possible production cut from the Organization of Petroleum Exporting Countries.
Oil prices broke lower Tuesday, after rallying nearly $3 a barrel the day before, as investors worried that a possible OPEC production cut next week may not be enough to sustain prices during the global economic downturn.
Oil prices fell back below $50 a barrel Monday, to its lowest level in more than 3-1/2 years, after OPEC said it would wait until its next scheduled meeting in mid-December to consider further production cuts designed to stabilize prices.
The price of oil fell Tuesday, after a big rally in the previous session, as investors looked past the government's latest economic intervention to focus on the long-term economic outlook and waning energy demand.
The price of oil surged Monday as investors cheered the federal government's massive rescue package for banking giant Citigroup.
Oil prices fell Friday as investors took cues from from the selloff in stocks as an indicator of weak global demand for energy.
Oil prices are holding steady after OPEC announced it would meet this month to address crude prices which have fallen 60 percent in only four months.
The price of oil settled at its lowest level since May 29, 2007 Monday as investors worried that the global economy may not be able to sustain demand for fuel as world markets tumbled.
Growing evidence of a severe global economic slowdown drove oil prices to below $62 a barrel Monday to 17-month lows, as investors brushed off a sizable OPEC output cut.
Oil prices fell Friday to their lowest point since May 2007 as investors were unimpressed by a decision from the world's largest oil cartel to slash production targets.
The Organization of Petroleum Exporting Countries said Friday it will cut oil output by 1.5 million barrels a day to halt a collapse in prices.
Oil prices rebounded from a 16-month low Thursday as many investors anticipated a large production cut from OPEC at its emergency to deal with falling demand in the slowing economy.
When the Organization of Petroleum Exporting Countries meets at its Vienna headquarters on Friday it will be reminded of just how slippery the price of oil can be, and how little control the cartel has over its price.
Fearing that falling prices will cause domestic upheaval, oil producing nations plan to cut their output
Oil prices fell Tuesday, briefly sliding below the $70-a-barrel mark, as talk of falling demand continues to weigh on the markets.
The price of oil rose Monday as investors weighed a potential OPEC supply cut against longer-term concerns about weakening demand.
Gas prices continued their decline one day after falling below $3 a gallon for the first time in nearly nine months, according to a daily survey of credit card swipes released Sunday.
The price that your parents pay to fill up the family car is rising. Ever stop to think about what's behind the price at the pump? Here's a look at where the money goes when you buy a gallon of regular gasoline. (The percentages cited below, which are from the Energy Information Administration, may vary by month. This data is as of August 2008.)
Stocks struggled Tuesday morning, as investors were cautious after the previous session's advance on relief about the government's housing rescue plan.
Oil prices fell Tuesday, as investors believed OPEC will keep production at current levels, and as Hurricane Ike lost strength over Cuba.
Comments by OPEC powerhouse Saudi Arabia suggested Tuesday that the 13-nation cartel would likely keep crude production steady, despite plunging oil prices.
OPEC oil ministers agreed to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices
Oil prices lost nearly $1 Monday, finishing at its lowest point in more than 3-1/2 months, as concerns about falling demand outweighed a weaker dollar.
Oil fell to its lowest price in three months Friday, briefly touching the $111 level after the dollar muscled higher and OPEC predicted the world's thirst for fuel next year will fall to its lowest point since 2002
Oil prices could be lower than previously expected next year, but the outlook for home heating oil and natural gas signals more pain this winter, according to a government report released Tuesday.
The leaders of OPEC have a long list of culprits for high oil prices: the falling dollar, U.S.-Iranian tensions, and shady speculators.
Marketplace Middle East's John Defterios speaks with OPEC's Chakib Khelil about oil prices and what the future may hold.
Retail gas prices and crude oil futures reached record highs Monday amid a backdrop of Mideast tensions and dollar concerns, but crude ended the day lower.
Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.
Crude prices lost more than $3 a barrel Tuesday on a strengthened dollar and a report showing increased output from Saudi Arabia and OPEC, while gasoline reached another record high average that stretched above the $4-a-gallon threshold.
Algerian Energy Minister Chakib Khelil told reporters the cartel will make no new decision on production levels until Sept. 9
Indonesia will withdraw from the Organization of Petroleum Exporting Countries at the end of the year, the country's energy minister told foreign journalists Wednesday.
Sr. Business Correspondent Ali Velshi looks at why oil and gas prices continue to soar.
Crude oil prices and the value of the dollar have been marching in different directions for months. But that may shift if the Federal Reserve signals on Wednesday that its rate-cutting campaign has come to a close.
They may not agree on the causes of the problem, but oil companies and OPEC agree that prices won't come down for the foreseeable future
Washington warns that skyrocketing prices threaten a global recession that will hurt oil producers, but their capacity to boost supply to meet rising demand may be limited
Oil prices hit a record $105.10 a barrel Thursday, a day after a surprise drop in U.S. crude supplies and a decision by OPEC not to boost production
Oil prices neared $105 a barrel Wednesday for the first time ever after a government report showed a surprise dip in crude supplies and OPEC announced its decision to not increase production.
MME takes an in depth look into Saudi Arabia, which stands to make $165 billion in revenue from oil this year alone.
OPEC, the 13-nation cartel that has a huge influence over oil prices, may be expanding farther into South America.
High oil prices are a drag on the economy, but OPEC isn't likely to raise production at its special meeting next week. But experts say the cartel is on track to meet worldwide demand - and keep prices from rising further - in the long run.
Greed is driving oil prices to $100 a barrel.
Oil prices ended lower Wednesday, as traders brushed off a big decline in crude stocks that were attributed to bad weather and OPEC nixed a production increase that traders said was all but meaningless.
Despite OPEC's rather surprise decision Wednesday to not raise production in the face of $100 oil, experts say one big oil heavyweight will likely slip more crude to an energy-thirsty world.
OPEC dashed hopes that it would step up production at its meeting Wednesday, news that sent oil prices shooting back towards the $90 a barrel mark in early trading.
OPEC may not officially boost output at the conclusion of its meeting Wednesday in Abu Dhabi, but that doesn't mean the world won't get its oil.
Oil prices fell nearly $4 Wednesday, adding to steep losses Tuesday, on a healthier-than-expected U.S. inventory report and speculation OPEC will boost production.
Oil prices fell Tuesday on growing expectations that OPEC ministers will agree to raise crude production during a meeting next week.
CNN's Ralitsa Vassileva speaks with Daniel Harrison of TheStreet.com, about the latest OPEC developments.
OPEC ministers are in Riyadh, Saudi Arabia this weekend to discuss the soaring price of oil on the world market.
Will they or won't they? With oil prices heading towards $100 a barrel, the pressure's on OPEC (Organization of the Petroleum Exporting Countries) to raise global oil output.
Oil prices fell over $2 Monday, retreating further from the $100 mark, after a minister from the Organization of Petroleum Exporting Countries indicated the cartel may increase production.
Oil prices hit a record high Thursday of more than $90 a barrel after reports indicated that the Organization of Petroleum Exporting Countries has no plans to increase production.
Crude oil prices hit a series of record highs in the past month, topping $83 a barrel - and that was after OPEC announced it would increase production by 500,000 barrels a day. The sharp spike went against post-Labor Day tradition, when the end of a gas-guzzling summer usually brings lower prices, and refineries head into their fall maintenance schedule.
Oil futures retreated from record highs set overnight as traders awaited the Federal Reserve's decision on interest rates and the government's report on crude oil and gasoline inventories.
In a monthly oil market report released Friday, the Organization of Petroleum Exporting Countries (OPEC) left its outlook for world oil demand growth this year largely unchanged at 1.3 million barrels per day or 1.5 percent above last year.
OPEC agreed late Tuesday to boost its crude output by 500,000 barrels a day in an effort to calm markets roiled by high oil prices and worried that supplies could grow tight by the end of the year.
Mexico pipeline explosion
Oil prices hit a fresh intraday record high Wednesday, passing $80 a barrel for the first time ever, after the government said supplies of crude oil fell far more than expected.
Oil prices surged to a new all-time intraday high Wednesday after finishing at a record close in the previous session on supply worries.
OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
Oil prices rose to a new record settlement price Tuesday as traders turned their attention to Wednesday's government inventory report expected to show tight supplies and shrugged off OPEC's decision to boost output.
Iran's acting oil minister said Monday he's convinced there are ample supplies of crude on world markets, joining Kuwait and Libya in signaling that OPEC will maintain its current output targets at this week's meeting.
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