Organisation of the Petroleum Exporting Countries (OPEC)

Price plummets nearly 20% in just a week as economic indicators around world worsen.

As markets price the commodity below $50, Iran moves into line with Saudi target figure. 

Japan, India give cool response to Saudi suggestion that $75 is fair price for oil.

Price loses nearly 20% in Nov, following 32% drop in Oct, biggest ever monthly fall.

UPDATE 2: Gulf states unhappy with adherence to restraints agreed in past two months.

Agency's chief economist says price will rebound in 2010-11, could exceed $147.

Growing concerns about the US economy as it shrinks at fastest pace in seven years.

Energy minister says country will not rule out cutting production as oil prices tumble.

UPDATE 1: Oil price rises following US gov't rescue of Citigroup and OPEC speculation.

Estimate indicates that oil producers are delivering on bulk of pledge to lower supply.

UPDATE 1: Lower confidence in world economy results in lower oil price.

Leading energy consultant says OPEC should allow oil price to recover on own accord.

Fears grow that global economic crisis will further impact on fuel demand.

UPDATE 1: President says group may only take action at December as effects of latest cuts not clear.

Oil cartel may slash output by 1.5mn bpd at end of November as oil prices nosedives.

UPDATE 1: Emergency meeting called by oil producers after price hits 22-month low.

More action needed to stabilise price, emergency meeting possibility - oil minister.

Russia, Iran and Qatar announce plans for an OPEC-style trilateral gas agreement.

World's top exporter says it will reduce supplies by 5% in Dec in line with OPEC vote.

Cash is king. England's cricketers have travelled west in search of it, Gordon Brown has travelled east.

Oil extends big overnight drop in price as demand drops, recession fears worsen.

UPDATE 1: Investors take profit from previous session's big jump, largest gain since Sept 22.

Move eases doubts about whether top exporter would comply quickly with OPEC vote.

Oil Minister says action taken in line with OPEC commitment in effort to stabilise oil price.

OPEC president says key to success of cuts depends on whether Saudi complies.

UPDATE 1: Oil price to see 35% drop in value for month as it covers below $64.

Oil price builds on 7% rise as US dollar's value has biggest daily fall for 23 years.

Ministers could call another meeting before group's next scheduled talks in December - officials.

UPDATE 1: Price drops for third day to $62 as Asian and US share markets nosedive.

Emergency meeting of exporters takes action to arrest deep slump in oil price.

Country's oil minister says cutback level would 'stabilise' the market.

An old man with seven years to live in 1930, when the effects of the Wall Street Crash and the ensuing Depression were becoming an awful reality, John D. Rockefeller said: "These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again."

Oil at $71 a barrel amid concerns that expected output cut by OPEC will not be enough.

Standard & Poors says oil exporters' balance sheets should remain robust in 2009.

Tehran's ambassador to oil cartel says cut of 1-3mn will be discussed at emergency talks.

Below $70 a barrel producers cannot afford to pump oil, OPEC president says prior to emergency meeting.

Consortium reschedules urgent meeting to discuss impact of the global recession on oil markets.

Pessimism over future of world economies outweighs optimism for recovery, say analysts.

Analysts predict downward pressure on prices will continue due to global financial crisis.

Previous losses recouped as leaders in US and Europe act to halt further turmoil.

UPDATE 1: Iran's oil minister says OPEC must restore stability at meeting on Nov 18.

Nigerian minister also calls on OPEC to intervene as crude falls to 10-month low.

Why OPEC cuts failed to rally the market? Some inconvenient truths of oil market ‘fundamentals' by Matthew Hulbert and Tariq Akbar of Datamonitor.

It seems the global credit crunch has had little impact on the rampant development of the Middle East's upstream sector.

Crude oil price rises by a dollar after move to reduce output by 500,000 barrels a day.

Analysts at PFC Energy say oil cartel likely to reduce actual production in order of 500,000 bpd.

With oil industry officials claiming national reserves may be treble the previous estimates, it should be all hands to the pump in the coming years for the world's top oil exporter.

Gulf OPEC members expected to ask others to keep output at same level this week.

Cooperation urged to prevent 1998-style crash by unnamed 'senior OPEC source'.

Iran's oil minister says expects OPEC to work on preventing falling trend in crude prices.

Oil prices steady, after US government data shows unexpected drop in gasoline stocks.

OPEC last week cut its forecast for global oil demand growth in 2008 for a fourth time this year and said consumption would slow in 2009, signalling a more comfortable supply and demand balance.

Crude stable on $138, following huge drop over fears on worsening prospects for US economy.

High prices slowing demand in industrialised countries but China, India still growing.

Threats to supply from Iran and Nigeria and fear of striking workers in Brazil drive record prices.

WPC Special Report: Keynote address tackling issues at the core of the current price environment.

International Energy Agency says oil demand growth to drop, need for OPEC oil will also fall.

Oil prices have once again become bullish after what had appeared to be a long-awaited respite for consumers around the world.

Crude price steady near record high after Iran reasserts its right to pursue uranium enrichment.

Crude price falls below $144 a barrel after Iran says it will respond to West's nuclear proposals.

UPDATE 1: Crude hits fresh record as weak US dollar and Middle East tension stoke surging prices.

Oil market over-supplied with crude, cartel cannot reduce prices, says Gholamhossein Nozari.

Heads of Shell, BP and Repsol blame lack of new supplies on record high prices.

Gulf state says market oversupplied, but unwise to cut for fear of stoking record crude price.

Tumbling global markets trigger commodities rally, with crude hitting new record of more than $142.

The UAE will only increase it's oil production in decision made by cartel, says oil minister.

Chakib Khelil again blames speculation, US dollar and political tension for high prices.

Top exporter pledges more oil in effort to calm record prices, even though it says market well supplied.

President Chakib Khelil says oil cartel should wait until September to decide any change in production.

World's top energy policy makers meet for emergency talks on halting oil's rally.

Top exporter to press consumer nations to curtail speculation blamed for price surge.

Crude falls over $1, bringing losses to more than $4 since touching fresh record.

Sandstorms in northern Gulf disrupt exports for several days, but Saudi's largest terminal unaffected.

Crude hits $139.89 a barrel propelled by weakness in US dollar, offseting news of Saudi output hike.

UPDATE 1: Crude rebounds after falling sharply in response to Saudi plan to hike output.

Legislation demanding Kuwait disclose proven reserves could see gulf state's output drop by three quarters.

UN chief, Saudi King Abdullah discuss need to tackle rising prices of oil and food, fight climate change.

Oil prices fall more than $1.60 a barrel, reversing gains which took crude close to last week's record.

Oil erases previous days' loss, as US prepares to release weekly oil inventories data forecast.

OPEC members pledge support to proposed meeting between oil producer and consumer nations.

World Bank predicts oil with remain between $104 and $108 a barrel over next three to five years.

No plans to meet before September despite oil hitting fresh record - source.

Saudi's Prince Sultan say price outside control of even world's top exporter.

Acting oil minister Al-Olaim given job as cabinet takes shape following elections.

OPEC secretary general Abdalla Salem El-Badri appears to have lost patience with incessant calls to ramp up production.

Opec says will continue to monitor global oil markets to ensure market stability and adequate supplies.

Record prices nothing to do with supply and demand, says cartel's secretary general.

Price of crude rises to over $129 a barrel, driven by more bullish price forecasts from investment banks.

Latest projection indicates record-high oil prices putting the brakes on global consumption.

Proposal for Opec's second biggest member to cut output is under review - Ahmadinejad.

Evidence and analysis point towards great success for the regional refining and petrochemical industry.

Asian producer a net importer and high oil prices favoured by oil cartel hurting country's economy.

Opec president does not rule out crude reaching $200 a barrel even though supply adequate.

The UAE government is developing nuclear technology that could make its oil industry obsolete perhaps before its oil fields run dry.

Crude prices hold just shy of all-time high of $117.83 as geopolitical risks stoke fears of supply worries.

Move raises prospect that delayed economic reforms could finally be passed into law.

Crude advances to peak of $112.48 a barrel on concern over ailing US dollar and supply disruptions.

Crude rises as traders fear more losses for the US dollar and Opec suggests no additional output.

Crude prices will range between $80 and $110 a barrel for remainder of year, Opec president says.

Surprise interest rate cut by US sends dollar to new lows, pushing crude to yet another record high.

Speculative traders, geopolitical tensions and flailing US dollar push oil through $110 to new record.

Rush by funds into commodities and political tensions drivers of rally, analysts say.