World oil market chronology

News that OPEC could cut more than 500,000 barrels a day of production has sent oil prices to their lowest levels since April 1st. Guest: Javier Blas, commodities correspondent with the Financial Times

It’s not just the oil companies reaping the benefits of oil prices gone wild. A new report from the Government Accountability Office estimates Iraqi oil profits from 2005 to the end of this year to be at least $156 billion. The government’s budget surplus could stand at $79 billion by the end of 2008.

Oil company executives are questioning a statement by Iraq’s oil minister who’s projecting that the country could reach an output of 12 million barrels of oil a day. Correspondent Susannah George reports.

Western oil companies appear to be on the verge of getting back into Iraq, but it’s still not clear what’s going to happen with Iraq’s oil wealth in the long term, as The World’s Matthew Bell reports.

The World’s Aaron Schachter reports that the price for a barrel of crude oil topped 96 dollars in some markets today. That poses the question: can the global economy survive 100-dollars-a-barrel for oil?