Opec to raise production
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VIENNA: The Organisation of Petroleum Exporting Countries on Wednesday decided to increase its official output by 1 million barrels per day from November 1, Iranian oil minister Bijan Namdar Zangeneh and his Algerian counterpart Chakib Khelil said.
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Cairo - The push to cut Opec oil production grew yesterday with the minister of the United Arab Emirates saying on the eve of a meeting of the oil producers&#39; cartel that members had to honour output quotas to stem oversupply and falling prices.
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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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RIYADH: Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb record prices, Oil Minister Ali Al Nuaimi said yesterday.
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Non-OPEC oil exporters should consider  increasing output to cool record crude prices, OPEC President  Purnomo Yusgiantoro said on Sunday.
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OPEC was to consider raising its oil output quota by up to 1 million barrels per day at a meeting here yesterday in a largely symbolic gesture, since members are already pumping far above the 26 million ceiling.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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Saudi Arabia, the worldâs largest oil exporter, will raise production from 9.5 million barrels a day to 11 million barrels. An Oil Ministry official said the increase would go into effect within weeks.
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OPEC will increase its official oil production target by one million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit all year.
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Opec ministers gather this weekend to set oil production levels, as traders watch the outcome of the Iraq election and other factors affecting the oil supply.
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OPEC members were expected to increase the cartel's production during a meeting Wednesday by 1 million barrels a day to meet the global demand for oil. But analysts contended that any decision by the group would likely have little effect on high oil prices.
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LONDON - Oil prices rose for the second day in a row on Thursday as several Opec ministers called for the cartel to stop producing more oil than its official target to prevent a glut next year.
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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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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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VIENNA In a largely symbolic decision, OPEC agreed on Wednesday to increase its formal production ceiling by 1 million barrels a day, underlining the group&#39;s resolve to bring down high oil prices.
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Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target.