Word: crudely
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Dates: during 2000-2009
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...countries of the OPEC cartel voted in Vienna on Thursday to maintain output at current levels rather than increase supplies in order to bring some relief to consumers, particularly in the gas-guzzling West. The OPEC oil ministers, whose countries account for about 40% of the world's entire crude-oil supply, also renewed their commitment to stick to their agreed quotas, rather than ship extra oil, as they began doing last April when several members ignored their agreed output limits. OPEC leaders, many of whose economies are heavily dependent on oil exports, have struggled to stabilize prices...
...economic concern for the summer is oil prices. OPEC has not been clear about what it will do with supply. The Saudi's have spoken out for keeping it unchanged and because of the size of their output they usually rule the day. Speculators still seem prepared to trade crude above $60 on most days. A fair number of analysts see oil moving to $70 or $75 by Labor Day. The cost of a barrel of crude will move up if there is strong evidence that the demand in China is growing. Ironically if there are signs of a sharply...
...prices could still block a recovery. Just a month ago, no one believed that gas could possibly hit $3. A heavy summer driving season and forecasts of a cold winter in the northern hemisphere would transform the psychology of crude trading and make the majority opinion that oil will rise throughout the year, whereas in the early spring nearly everyone was convinced that it would fall...
China Petroleum (PTR) is buying 45.5% of Singapore Petroleum for just over $1 billion and will probably move to purchase the balance of the company. China recently proposed a deal to lend $10 billion to Brazilian oil giant Petrobras to help it develop deep sea crude deposits. In exchange, the world's most populous nation has negotiated getting a steady flow of oil from Brazil at market prices...
...Iraq Saying No to Kurdish Oil The Kurdistan Regional Government in northern Iraq says it will start exporting crude oil for the first time on June 1, despite a statement by the Iraq Oil Ministry calling the plan illegal. The Kurds, who control some of the country's largest reserves, claim that the Iraqi constitution allows them to broker deals with foreign companies; the ministry maintains that it controls all oil contracts and that any firm that signs without its approval will be blacklisted...