Chronology of world oil market events

Before the uprisings began in Libya in February, the nation produced 1.6 million barrels of oil per day, and was responsible for two percent of the world’s oil supplies. Six months ago, shipments stopped at the rebellion grew there. The loss of Libyan oil drove up the price of Brent crude, which is sold to […]

President Obama said yesterday that there’s no denying that economic recovery is struggling. At today’s OPEC meeting in Vienna, Saudi Arabia is pushing for an increase in oil prices, in the hopes that it will speed global economic recovery, while Iran and Iraq say they want to see oil prices remain steady.

With the developing situation in Libya, and demonstrations being staged in other oil producing nations in the region , oil prices are particularly volatile. Louise Story explains what analysts are calling “the uncertainty premium.”

This week, facts about… Twenty-five years ago this month, members of the Organization of Petroleum Exporting Countries, or OPEC, cut off all oil exports to the U.S. And so began America’s infamous oil crisis.