OPEC chief: No cuts planned
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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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The Organization of Petroleum Exporting Countries, OPEC, will maintain the oil prices reference band unchanged in the coming meeting scheduled for September 15 in Vienna, said Purnomo Yusgiantoro, OPECâs president.
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U.S. stocks trimmed gains on Friday  after a senior OPEC delegate said the producer group cannot  rule out cutting oil production if oil prices slide further.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand, cartel ministers said on Saturday.
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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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ABUJA, Nigeria -- OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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OPEC sees no reason to change crude output as the nine-month high in oil prices last week was due to U.S. gasoline supply concerns and international political tension, a senior OPEC delegate said on Monday.
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VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers decided to keep output at present levels at their meeting Friday out of fear that a softening global economy will translate into weakened demand.
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ABUJA/LONDON  - OPEC President Nigeria called on its fellow OPEC countries to make deeper output cuts on Tuesday as prices tumbled to an 8-month low below $59 a barrel and the tide showed no sign of turning.
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OPEC is poised to stick with existing oil supply limits, deferring a decision on cutbacks to counter falling seasonal demand, cartel ministers said on Saturday.
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OPEC may have no need to cut or raise  output when it meets in a month's time as the world oil market  is in "much, much better health" than before, the Wall Street  Journal quoted Saudi Arabia's oil minister as saying.
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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OPEC on Thursday prepared to leave oil  supply quotas unchanged and keep pumping at full capacity,  rejecting a push for a production cut by host Venezuela, the  cartel&#039;s leading price hawk.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand until March, cartel ministers said  Saturday.
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OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Most OPEC oil ministers held the line on  Sunday that current output is sufficient to meet demand, but  the world&#39;s biggest exporter Saudi Arabia was silent ahead of a  September 11 meeting to chart production policy.