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Organization Of The Petroleum Exporting Countries (OPEC) Defined

Countries that have organized for the purpose of negotiating with oil companies on matters of oil production, prices, and future concession rights. Current members (as of the date of writing this definition) are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. See OPEC's site at http://www.opec.org for more information.

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Oil-nation leaders may lose some clout as crude prices slip

Published October 12, 2008, 11:39 pm, The Arizona Republic

As oil prices fall, so may the influence of Venezuela and other oil exporters.

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As profits dip, oil countries' aid programs may take hit

Published October 12, 2008, 8:32 pm, USA Today

Venezuelan President Hugo Chvez is helping people by converting high oil prices into billions of dollars spent on aid programs as part of a strategy to win new allies throughout Latin America and to diminish the power of his avowed archenemy, the Bush administration.

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Iran agrees to export natural gas to UAE

Published October 11, 2008, 11:29 pm, People's Daily

Iran signed a 2 billion U.S. dollars gas deal with Crescent Petroleum of the United Arab Emirates (UAE), the English-language Press TV reported on Saturday. According to the 25-year gas deal signed on Friday, Iran will export natural gas from the country's Salman field to UAE, said the TV report. The agreed price of natural gas is reportedly four times the price Crescent Petroleum pays for ...

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Oil Market Bottom Takes Shape As A Barrel Falls Below $80

Published October 10, 2008, 2:34 pm, CattleNetwork.com

NEW YORK (Dow Jones)--The floor for oil prices is painted with two words: demand and OPEC. Oil fell below $80 a barrel Friday in sync with plunging stock markets, hammered as much by fear of global recession as looser supply and demand.

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Platts Survey: Sept. OPEC Oil Output down 340,000 b/d to 32.47 million b/d

Published October 10, 2008, 12:56 pm, PR Newswire via Yahoo! Finance

Platts -- The 13 members of the Organization of the Petroleum Exporting Countries pumped an average 32.47 million barrels per day of crude oil in September, a Platts survey of OPEC and oil industry officials showed today.

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Oil prices plunge as troubled economy weakens global demand

Published October 10, 2008, 12:35 pm, CNNMoney.com via Yahoo! Finance

Oil prices plunged to a 13-month low Friday, following steep stock market declines, as investors worried that the weakening global economy was driving down demand for fuel worldwide.

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Oil's Drop Squeezes Producers

Published October 10, 2008, 11:16 am, Rigzone

Big oil-producing countries are showing signs of distress as the global credit crunch and falling crude prices begin to squeeze government budgets and delay projects.

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Wells Fargo wins fight for Wachovia

Published October 10, 2008, 6:12 am, Orlando Sentinel

Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court. Though Citigroup said it plans to seek $60 billion in damages for breach of contract, it has decided not to challenge the Wells Fargo-Wachovia deal in court. Wells Fargo said ...

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Oil keeps falling as troubled economy impacts demand

Published October 10, 2008, 5:38 am, CNNMoney.com via Yahoo! Finance

Oil prices continued to plunge to a 12-month low Friday as investors worried that the weakening global economy was driving down demand for fuel worldwide.

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Oil, war, lies and bulls**t'

Published October 8, 2008, 4:14 am, Asia Times

There's hardly any doubt that the George W Bush administration lied rather consciously about the cause of invasion and subsequent occupation of Iraq. President George W Bush also has been deliberately untruthful to the American public on a number of domestic issues, such as illegal, indiscriminate wiretapping of US citizens, torture of foreign detainees and American political prisoners, and ...

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