OPEC could lift output
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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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OPEC has agreed to increase its oil output by 500,000 barrels per day from Nov 1, Qatari Oil Minister Abdullah al-Attiyah said on Tuesday, in a gesture to consumer nations' worried by rapidly diminishing fuel stocks and the economic impact of $77 oil.
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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 decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.
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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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VIENNA, Austria - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant - given that the cartel is already exceeding the new quota.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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NEW YORK - Oil and gas futures rose yesterday on expectations the hurricane season will intensify and OPEC won't raise output when it meets next week.
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Oil prices are rising as hopes of a rise in production from next week's Opec meeting dwindle.
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OPEC will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.
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VIENNA, Austria -- Raise prices. Ease production. For weeks ahead of this week&#39;s OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high -- and lowering output.
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OPEC decided at its ministerial meeting here Wednesday to increase its oil production ceiling by 1million barrels a day beginning Nov. 1, but the decision will have little real impact on the high oil prices.
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Oil prices added to strong gains on Thursday, spurred by persistent OPEC talk of a cut in supplies ahead of the second quarter that could drain healthy U.S. stockpiles before summer.
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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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U.S. Energy Secretary Sam Bodman said on Saturday that Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should up output at its February 1 meeting.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.