Do we still need Opec?
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So Opec has raised its members&#39; production quotas once again, and like last time - in Beirut in June - their action did not bring prices down very much.
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JAKARTA/DUBAI  - OPEC is united on the need to  raise its oil price target to an average $30 a barrel, but the  cartel has yet to agree on when to implement the higher level,  a top Iranian oil official said on Thursday.
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Top OPEC producer Saudi Arabia on  Wednesday questioned the need for OPEC oil producers to rein in  supply, saying the kingdom would keep crude output at current  high levels as long as customers wanted it.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president told reporters on Sunday.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut daily output by at least 1 million to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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OPEC is leaning towards keeping oil output steady at its September 11 meeting, ministers said on Monday, wary the U.S. economy may be headed for a slowdown that would undermine forecasts for strong oil demand growth.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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By Malcolm Moore, Economics Correspondent (Filed: 29/09/2004). Oil shot through $50 a barrel for the first time yesterday as the President of Opec admitted the cartel &quot;cannot do anything&quot; to help and warned of a global recession.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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As OPEC's leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder whether the cartel's influence has waned at a time when producers outside the cartel such as Russia and Norway are gaining clout.
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Oil cartel expected to call for tighter compliance with official quota levels at Cairo meeting. CAIRO  - The OPEC oil cartel is unlikely to lower its official production ceiling when ministers meet
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VIENNA -- OPEC will hold its oil production steady for now -- but it is casting a wary eye on prices as the cost of crude plummets to five-month lows.
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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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VIENNA -- OPEC, the producer of 41 percent of the world's oil, probably won't cut output at a meeting here this week as mounting tensions between the United States and Iran bolster prices.