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OPEC - The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Free download of the publication "What is OPEC" in pdf format.

Oil turbulence in the next decade, Jan-Hein Jesse and Coby van der Linde
A CIEP analysis of the recent development of demand and supply for crude oil indicates that the mismatch in supply and demand growth could cause tighter oil markets than we already experience today. In the World Energy Outlook 2007, the International Energy Agency (IEA) warned of a possible 'energy crunch'.

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Oil shortage a myth, says industry insider
By Steve Connor, Science Editor - Monday, 9 June 2008
There is more than twice as much oil in the ground as major producers say, according to a former industry adviser who claims there is widespread misunderstanding of the way proven reserves are calculated.
Although it is widely assumed that the world has reached a point where oil production has peaked and proven reserves have sunk to roughly half of original amounts, this idea is based on flawed thinking, said Richard Pike, a former oil industry man who is now chief executive of the Royal Society of Chemistry.
Current estimates suggest there are 1,200 billion barrels of proven global reserves, but the industry's internal figures suggest this amounts to less than half of what actually exists.
The misconception has helped boost oil prices to an all-time high, sending jitters through the market and prompting calls for oil-producing nations to increase supply to push down costs.

Corn Jumps to Record as Floods in Midwest Threaten U.S. Crops
By Jae Hur June 16 (Bloomberg) -- Corn climbed to a record near $8 a bushel as floods damaged crops in the U.S., the largest producer and exporter, threatening global food supplies.
Soybeans rose to a three-month high. The flooding may be the worst in the Midwest since 1993 and will probably cause ``hundreds of millions of dollars'' of damage, according to the National Weather Service. U.S. corn stockpiles may fall 53 percent to a 13-year low before next year's harvest, the U.S. Department of Agriculture said June 10.
Record crude oil, wheat, rice and soybean prices this year have driven inflation, forcing governments to increase interest rates as the economy slows and raising costs at companies such as Kraft Foods Inc., the world's second-largest foodmaker. Food and fuel costs have eclipsed the credit squeeze as the greatest threat to the world economy, the Group of Eight nations said.
``Inflation pressures are building around the world,'' stoked by food and fuel prices, David Cohen, director of Asian economic forecasting at Action Economics in Singapore, said by phone today. That's ``squeezing household budgets, especially the poorest, and company profits.''

The Food Chain
Worries Mount as Farmers Push for Big Harvest
By DAVID STREITFELD and KEITH BRADSHER - Published: June 10, 2008
As the world clamors for more corn, wheat, soybeans and rice, farmers are trying to meet the challenge. But evidence suggests harvests will be average at best.

Oil: Key players and movements
FT - Published: November 22 2007 19:57 | Last updated: May 26 2008 16:10
The rising oil price, which topped $130 a barrel this week, risks pushing the global economy into a deep and prolonged slowdown.
As long as demand from leading developing countries such as China and India remains strong, the price is likely to stay high. A combination of other forces, including the weakening US dollar and geopolitical tensions, is driving prices higher.

A Commodities Bubble?

CNNMoney.com
Oil prices surge on weaker-than-expected inventories
Wednesday April 9, 1:00 pm ET - By Kenneth Musante, CNNMoney.com staff writer
Oil prices surged to record levels Wednesday after a government report showed an unexpected decline in crude supplies.
Light, sweet crude for May delivery rose $3.55 to $112.05 a barrel, after touching a record $112.15 in Globex trading. That beat the intraday mark of $111.80 set March 17.

Commodities boost African growth
Oil exporting nations must fund domestic investment, the UN says
Growth in African economies in 2007 has not been translated into social development, the UN Economic Commission for Africa (ECA) has reported.
Africa's economy grew by 5.8% last year, thanks largely to "robust global demand" and rising commodity prices.
ECA's annual report predicted economic growth of 6.2% for the continent.
But it said a slowing US economy, a fall in global commodity demand, high oil prices, political instability and poor infrastructures could hit growth.

Commodity Review
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The World Commodities Outlook forecasts price action for key commodities. Using the Wave Principle alongside other technical and fundamental forms of analysis, our analysts monitor the markets during North American trading hours. We communicate to you from opening bell to closing as market action dictates. We also update longer-term outlooks with daily and weekly charts. When special situations arise, we let you know.
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