It provided a deep insight into the potential outcomes of the decisions taken by players, especially the OPEC cartel
and non-OPEC producers.
TRIPOLI - A Libyan senior oil official who represents his company in the OPEC cartel
is believed to have been abducted in the militia-held capital Tripoli, a company official said Tuesday.
In Australia, domestic consumers are expected to pay the OPEC cartel
crude oil-linked LNG Asian "netback" price, or they will not get the gas.
The OPEC cartel
has been the key actor in world crude oil markets for four decades and counting.
SINGAPORE -- Oil was up in Asia on Friday on market speculation the OPEC cartel
would cut output ahead of a meeting next month to stop Brent crude prices - which remained below $100 a barrel - from falling further.
I know its not easy to make such a statement considering the existence of the OPEC cartel
and in the presence of an important power such as Russia, but the situation is as such.
Tripoli was expecting to return to pre-crisis levels by the end of 2012, but the head of the OPEC cartel
, Abdullah El-Badri, said Wednesday he expects this goal will be reached by mid-2012.
The IEA said the move was about helping ease a real oil shortage not prices, but it comes just weeks after the OPEC cartel
failed to agree an increase in production to help ease the rising oil price.
While the OPEC cartel
owns 78 percent of the world's reserves, it produces only one third of the world's oil--far less than its capacity permits.
In 2009, the average price of a barrel was 57 dollars for exports from Venezuela, which is the largest oil producer in South America and a member of the Opec cartel
The representative of the US government, Thomas Anders, said in 1974 that the IEA would destroy "the OPEC cartel
Now the Gulf kingdom, previously a vigilant enforcer of the cuts by the OPEC cartel
that checked the sharp fall in oil prices last year, appears to be expanding its own oil flow again in exasperation.