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OPEC rumors push oil prices lower

Posted Nov 26th 2007 2:02PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Rumors, Products and Services, Consumer Experience, Middle East, Oil

After getting off to a strong start earlier in the session, oil prices have traded lower in mid-day action on a growing assumption that OPEC will elect to raise its output quota during next week's meeting. It should come as no surprise really that we are starting to hear some OPEC rumors considering that oil prices have ballooned by over 40% since August and have been testing even inflation-adjusted all time highs in its pursuit of the $100 mark.

As fellow BloggingStocks writer Joseph Lazzaro pointed out earlier this morning, prices had risen as high as $99.11 this morning in reaction to lower temperatures, but that has all changed as traders have instead focused on news from over the weekend indicating that the thirteen nation oil cartel OPEC may be considering production increases next week.

The main cause for the rising belief in OPEC adjustments comes from a statement this weekend by Iranian Oil Minister Iranian Gholam Hossein Nozari, who stated that his country would be willing to consider lifting its quota. According to Nozari, "if statistics and data indicate there is a need to produce more oil, we have the capacity to increase the output and supply more oil for the market." However, he made it clear that he did not believe that the world was currently facing a shortage of the precious crude.

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OPEC will likely leave oil output unchanged

Posted Sep 10th 2007 9:41AM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Rumors, Consumer Experience, Middle East, Politics, Oil

If the idea of oil prices in the upper $70s a barrel has you thinking that OPEC may decide to increase its output during this week's meeting, you may want to think again. So far all signs are pointing to the fact that OPEC is confident that no increases will be necessary at this point, and that oil supplies are more than adequate where they are.

Last week when oil prices were once again testing record high levels, I pointed out how OPEC had already stated that OPEC member nations have seen no need for an increase in output. Today we got another indication of that when Iran's oil minister made the same assertion.

Typically when oil prices move to the extremes of their trading range, OPEC feels the need to adjust its supply of the precious crude, but according to Iran's acting oil minister, Gholam Hossein Nozari, that is not the case this time around. Nozari said today that in fact OPEC feels very little pressure to let more oil flow and that "there is enough crude in the market."

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