OPEC: Group Doing All It Can To Stabilize Oil Prices
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OPEC President Purnomo Yusgiantoro highlighted the impact of the current high oil prices, saying the direct contribution of the increase in global oil prices to the economic slowdown
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OPEC dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near $90 a barrel.
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World oil prices steadied with prices, underpinned by the US Atlantic hurricane season -- which threatens to damage energy facilities -- and expectations that OPEC will keep its output unchanged at a meeting next week, dealers said Wednesday.
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Oil prices held near record highs today even though oil unions in OPEC member Nigeria said a two-day wildcat strike would pass without any impact on exports.
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OPEC vowed Sunday to do what it can to deflate record high oil prices that have soared above $53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.
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NEW YORK - Oil's record rally stalled yesterday after an OPEC minister said the group could not rule out another output hike and may call an early formal meeting next month in Saudi Arabia.
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The Organization of the Petroleum Exporting Countries (OPEC) is preparing to meet in Vienna on Wednesday in an unfamiliar and uncomfortable mood: helplessness.
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OPEC, pumping oil at the fastest pace in 25 years, has little ammunition left to reduce near- record prices at a meeting this week, and some analysts are forecasting crude above $40 a barrel for the rest of the year.
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The oil producers' group is set to meet, with some members pressing for a reduction oil output.
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OPEC served notice yesterday it intends to make money this winter - no matter how mild the weather might be. Meeting in Cairo, the 11-member cartel, which pumps about a third of the world&#39;s oil, said it will
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Oil held above $75 on Wednesday, within sight of an all-time high, as investors balanced tightening U.S. crude stocks against OPEC's reluctance to boost supplies when it meets next week.
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HAMISH ROBERTSON: Ministers from the countries that make up the oil producing cartel - OPEC â-ave taken action overnight to stop the fall in oil prices.
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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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VIENNA : 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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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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Oil prices held firm above $47 a barrel  as signals from the OPEC cartel of a possible cut to production  countered fears of a slowdown in second-quarter demand.