Crude oil futures rose following news that members of the Organization of the Petroleum Exporting Countries are discussing holding a special meeting to address the recent steep decline in oil prices.
They include representatives of members of The Organization of the Petroleum Exporting Countries (OPEC), who argue they should receive compensation because of the impact reduced oil consumption would have on their economies.
Predictions of easing gasoline prices are also being driven by views that there could be potential oil supply overhang concerns coming up in the absence of a strong and immediate message by the successor of Saudi King Abdullah, reinforcing the adherence to self-imposed production limits by OPEC (Organization of the Petroleum Exporting Countries) members.
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This is the lower end of what the Organization of Petroleum Exporting Countries deems acceptable.
In the midst of financial and political turmoil throughout Europe, the Organization of Petroleum Exporting Countries (OPEC) met last Thursday in Vienna, Austria, to discuss the future of oil production.
In 1960, representatives of oil-producing countries finished a meeting in Baghdad which led to the formation of the Organization of Petroleum Exporting Countries (OPEC).
The Organization of Petroleum Exporting Countries next meets Feb. 1, when the group will decide whether to boost supply to lower prices.
The Organization of Petroleum Exporting Countries cut its global demand forecast for 2008 for the fourth time this year, saying that consumption would continue to slow in 2009.
The Organization of Petroleum Exporting Countries (OPEC) also warned that it could not replace the shortfall in crude if Iran was attacked and its supply taken off the market.
He also leveled an ominous warning at the small states dotting the western shores of the Persian Gulf, many of which were allied coalition members during the 1991 Gulf War and are longtime members of the Organization of Petroleum Exporting Countries (OPEC) -- a cartel that has too much influence in world oil markets, he said.
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This display of aggression was eerily similar to events that transpired during the 1973 Yom Kippur War, when the Organization of Petroleum Exporting Countries (OPEC) strategically cut off oil to nations supporting Israel.
The Organization of Petroleum Exporting Countries (Opec) meets on Saturday to discuss its official production quotas, although analysts believe output will remain unchanged.
In November 2008, President Lula invited Ahmadinejad to visit Brazil, and Iran invited Brazil to join the Organization of Petroleum Exporting Countries (OPEC).
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According to Fabiani, Cheney said the Organization of Petroleum Exporting Countries (OPEC) had "gotten its act together" to put curbs on production levels and stick to those limits.
The Organization of Petroleum Exporting Countries (OPEC) has slashed its global oil demand forecast for 2013 by about 20, 000 barrels a day to 89.57 million barrels a day.
Also on Thursday, Iranian lawmakers called on the Organization of Petroleum Exporting Countries to intervene against a pledge by Saudi Arabia that it would increase oil supply if needed.
On his second visit to the kingdom this year, the American leader met Saudi King Abdullah on Friday to renew his appeal for more oil from members of the Organization of Petroleum Exporting Countries to tame record oil prices.
Through much of the 2000 campaign for the White House, particularly in the early primary season when home heating oil prices were rising steadily in the Northeast, Bush blasted the Clinton administration for not "jawboning" members of the Organization of Petroleum Exporting Countries to increase production.
"I think it's important for the United States to be less at the mercy of foreign countries and their decision-making and politics, and more under our own control to address these problems, " Abraham said, two days after the Organization of Petroleum Exporting Countries agreed to cut oil output by a million barrels a day.
While Brent is skewing the price, production from members of the Organization of Petroleum Exporting Countries, at around 31.4 million barrels a day in July, is comfortably in surplus of the 30.2 million barrels a day the market needs from OPEC, according to the International Energy Agency's most recent report on oil markets, published Friday.
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