Know About: OPEC

http://en.wikipedia.org/wiki/Opec

OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is a group of thirteen states[1][2] made up of Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Libya, Algeria, Nigeria, Angola, Venezuela, Ecuador, and Indonesia. Recently, Indonesia has decided to quit the organization, though it will remain a member until the end of 2008. The organization has maintained its headquarters in Vienna since 1965, hosting regular meetings between the oil ministers of its member states.

According to its statute, the principal goal is the determination of the best means for safeguarding their interests, individually and collectively; devising ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry."[3]

OPEC's influence on the market has been negatively criticized. Several members of OPEC alarmed the world and triggered high inflation across both the developing and developed world when they used oil embargoes in the 1973 oil crisis. OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in the Gulf of Mexico and the North Sea, the opening up of Russia, and market modernization. OPEC nations still account for two-thirds of the world's oil reserves, and, as of March 2008, 35.6% of the world's oil production, affording them considerable control over the global market. The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production.[4] As early as 2003, concerns that OPEC members had little excess pumping capacity sparked speculation that their influence on crude oil prices would begin to slip.[5][6]

For more, visit @ http://en.wikipedia.org/wiki/Opec

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Saudi to raise oil output above 9.5 mbpd in July : Reuters

http://in.reuters.com/money/news

Saudi to raise oil output above 9.5 mbpd in July
DUBAI (Reuters) - Top oil exporter Saudi Arabia is poised to boost output in July to the fastest rate in years to help keep pace with demand and tame what it sees as unacceptably high prices, industry sources said on Sunday.

Riyadh's expected production increase -- the second in two months -- would lift flows above 9.5 million barrels per day (bpd) from about 9.45 million bpd now, the sources said.
The Saudi output plans come to light a week before the kingdom hosts an unprecedented meeting of producers and consumers to tackle market instability.

A relentless rise in oil prices to well above $130 a barrel has sparked fuel protests from Asia to Europe and roiled financial markets as policymakers fear higher inflation will slow the global economy."Saudi output in July most probably will be above 9.5 million," said one industry source, speaking on condition of anonymity.

"The situation right now is 'if the customers ask, they will get.'" Saudi Arabia has already increased supply by 300,000 bpd this month from May to meet demand from buyers primarily in the United States. Industry insiders declined to say how much more the kingdom would pump in July, but one source said output would not reach 10 million bpd.

Oil fell nearly $2 a barrel on Friday after industry newsletter the Middle East Economic Survey reported Riyadh was considering a sizeable output increase to near 10 million bpd. Continued...


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