Crude oil

Vienna, Austria, 5 January 2008 -- The 146th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries, held in Abu Dhabi, UAE on 5 December 2007, adopted the following Resolution, which, in accordance with customary procedures, has been ratified by the Member Countries and is issued herewith:

Resolution No 146.434

The Conference,

upon the recommendation of the Board of Governors, in accordance with the Statute and the Financial Regulations, approves,

1. The Budget for the year 2008, totalling €22,458,456.
2. That the contribution payable by each Member Country shall be €1,900,000, payable in one instalment not later than 31 March 2008.

Done in Abu Dhabi, UAE, this Fifth Day of December 2007.

Abu Dhabi, UAE , 5 December 2007 --

Opening address to the 146th (Extraordinary) Meeting of the OPEC Conference by HE Mohamed Bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates and President of the Conference:

Excellencies, ladies and gentlemen,

It is an honour for me to welcome you to Abu Dhabi, for the 146th (Extraordinary) Meeting of the OPEC Conference at a time when the United Arab Emirates is celebrating the 36th National day commemorating the creation of the United Arab Emirates Federation. Convening the OPEC Conference in Abu Dhabi for the first time in 29 years has coincided with this auspicious occasion.

December 5, 2007 -- A country music song performed by Daryle Singletary includes the lyrics, “Too much fun, what’s that mean? It's like too much money, there’s no such thing.” However, with current high fuel prices, many American drivers may feel that refiners’ earnings are too high.

Retail Gasoline Price Slightly Lower, Diesel Price Sets Record

November 28, 2007 -- Many readers are familiar with Garrison Keillor’s phrase used on radio’s “A Prairie Home Companion” series, “Lake Wobegon, where all the women are strong, all the men are good looking, and all the children are above average.”

November 7, 2007 -- One of the most discussed topics in the media today, besides the 2008 Presidential races, is the high price of oil. Crude oil prices have increased dramatically this year, with West Texas Intermediate (WTI) prices climbing from an average of nearly $55 per barrel in January to over $95 per barrel at the beginning of this month.

Gasoline Prices Rise and Diesel Price Ties Record High

Retail Gasoline and Diesel Prices Move Higher

October 24, 2007 -- With oil prices recently reaching new nominal highs, some are interested in knowing how current prices for crude oil stand in relation to all-time record prices on an inflation-adjusted basis. A wide variety of measurements suggests that “record” inflation-adjusted prices for crude oil occurred in the early 1980s. However, there are two major issues when trying to arrive at an inflation-adjusted record crude oil price: 1) what historical price you use for crude oil, and 2) the price index used to adjust for inflation.

Retail Gasoline Prices Dip Again

Vienna, Austria, 16 October 2007 -- Statement by HE Abdalla Salem El-Badri, Secretary General:

OPEC is carefully watching developments in the oil market and has observed with concern the recent escalation in oil prices.

While the Organization does not favour oil prices at this level, it strongly believes that fundamentals are not supporting current high prices and that the market is very well supplied. There has been no interruption in crude supplies and OECD commercial inventory levels remain above five-year levels. Forward cover, which stands at 53.5 days, is at a comfortable level.

Retail Gasoline Prices and Diesel Prices Higher this Week

September 26, 2007 -- Many new sports stadiums, especially those located in less than ideal climates, have retractable roofs that are opened or closed depending on weather conditions. An analogous mechanism may be at work in oil markets. Since early 2002, oil prices have shown a strong upward trend. Although one or more factors have put a temporary ceiling on oil prices during some periods, oil prices then continued their upward trend, as if a retractable roof had opened.

WTI Crude Oil Prices Have Been Generally Rising Since 2002