OPEC to Cut Oil Production
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The Organization of Petroleum Exporting Countries agreed at a meeting in Cairo, Friday to cut production by about four percent. The cut is aimed at halting the recent slide in prices.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.
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CAIRO -- Organization of the Petroleum Exporting Countries members voted Friday to cut crude oil production by 1 million barrels a day to shore up prices that have dropped 25 percent since October.
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Oil prices fall after producers' cartel Opec agrees to keep output steady at a meeting in Abu Dhabi.
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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 ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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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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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 Thursday.
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Crude oil futures would need to fall to about $37 a barrel before OPEC decides to cut production, according to a person familiar with the thinking of the cartel's top officials.
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OPEC, the producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent in a bid to prop up prices after the biggest drop in three years.
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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months
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OPEC, the oil producers&#39; cartel, agreed yesterday to clamp down on its excess production, which has seen crude prices tumble by one-quarter in just six weeks.
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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 back above $60.
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OPEC was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.
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OPEC, producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent to end the biggest six-week drop in prices since demand collapsed after the September 2001 attacks on the US.