Opec prepares to support oil price by enforcing quotas
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OPEC oil ministers yesterday backed steps to end overproduction when members of the oil cartel meet in Cairo today. Saudi Arabia and others were authorised to open the taps in August as
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OPEC ministers will concentrate on quota compliance rather than cutting official production ceilings to combat falling oil prices when they meet in Cairo this week, Iran's oil minister was quoted as saying on Monday.
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Major Gulf oil producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if crude prices remain at record levels, a move that would bring the cartel's formal production limits in line with actual supplies.
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OPEC on Wednesday agreed to lift formal  output quotas by one million barrels a day, four percent, to 27  million barrels a day, an OPEC delegate said.
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OPEC oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.
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CAIRO  - The Organisation of Petroleum Exporting Countries (OPEC) is expected to take a &quot;wait and see&quot; stance on what action to take in the face of a fall in oil prices, several ministers said ahead of a cartel meeting.
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OPEC oil producers said Thursday that Friday's ministerial meeting would rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a big increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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Opec is under pressure to lift official production levels at a critical meeting today as global crude prices rose again on the back of pipeline attacks in Iraq and hurricanes heading for the Gulf of Mexico.
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Major Gulf oil producer Kuwait will  back a hike of 1 million barrels per day in OPEC's output  ceiling if crude prices remain at record levels, a move that  would bring the cartel's formal production limits in line with  actual supplies.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from a further cut that risks pushing up prices and damaging economic growth.
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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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Oil cartel OPEC is set to keep output  quotas steady at a meeting in Caracas on Thursday, overruling a  proposal by host Venezuela -- the group&#039;s fiercest price hawk  -- to cut production.
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OPEC took the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices.
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SYDNEY (Dow Jones)--OPEC should reaffirm its willingness to increase oil production when it meets next month and give a clear commitment to boosting production capacity, the head of the International
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OPEC oil producers said on Thursday that  Friday's ministerial meeting would focus on halting oversupply  to bolster falling prices and that the cartel would have to  reduce output quotas early next year.
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OPEC on Wednesday agreed to lift formal output quotas by one million barrels a day, four percent, to 27 million barrels a day, an OPEC delegate said.