OPEC To Monitor Oil Prices in Wake of US Election
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Organization of Petroleum Exporting Countries (OPEC) President Purnomo Yusgiantoro said today that the cartel will monitor any impact on oil prices from the re-election of US President George W. Bush.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, a senior OPEC delegate said on Thursday, sending oil prices up nearly $1.50.
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SYDNEY: Opec may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to $US30 ($NZ46.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.
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OPEC will take one million barrels of oil  a day off oversupplied world markets as soon as possible with  its first output cut in more than two years, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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Venezuelan president Hugo Chavez said today in Moscow that 50 US dollars per barrel of oil is âan acceptable priceâ adding that OPEC (Oil Petroleum Exporting Countries) must make sure the price does not drop below 30 US dollars.
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Oil prices rose slightly amid slow trading Tuesday in the aftermath of a U.S. holiday, with hopes that the inauguration of a new president in OPEC member Nigeria would bring a measure of stability to the market.
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NEW YORK, November 3  - World crude oil prices witnessed significant volatility today on news of John Kerry conceding the US presidential elections, rising above the $50 per barrel mark.
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Crude prices rose Wednesday ahead of US petroleum inventory data and an OPEC meeting this week at which the group could decide on a production cut.
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DAYTON, Ohio  - The Bush administration is closely  monitoring U.S. crude oil prices as they approach the key  psychological threshold of $50 a barrel, a White House  spokesman said on Monday.
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SINGAPORE - Crude oil futures hovered around the US$55-a-barrel mark Wednesday on fears of a heating oil shortage ahead of the northern winter, and oil cartel OPEC urged Washington to release more oil from its strategic reserve to calm the market.
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Oil prices held above $75 a barrel on Wednesday as traders awaited data that is expected to show U.S. crude stocks fell last week and an OPEC meeting next week where supply is likely to remain unchanged.
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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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NEW YORK, October 27  - The Organization of Petroleum Exporting Countries (OPEC) has asked the US government to release oil from its Strategic Petroleum Reserve (SPR) to help ease the rising oil prices.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices $1.50 higher.
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Opec's president says oil supply is adequate as the price of US light, crude comes within 4 cents of its all-time record.
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Crude oil futures prices rose above $43 a barrel Monday after an attack at the US consulate in Saudi Arabia and amid growing concerns that OPEC may try to firm-up oil prices after last week&#39;s sharp sell-off.