Indonesia supports OPEC leaving quotas unchanged
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: Indonesia will support the Organization of Petroleum Exporting Countries (OPEC) if it decides at its Dec. 10 meeting to leave its output quota unchanged, Iin Arifin Takhyan, Director General of Oil and Gas said.
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Major Gulf producer Kuwait will back  a hike of 1 million barrels per day in OPEC's output ceiling if  oil prices stay at record levels, a move that would bring  formal production limits in line with actual supplies.
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Oil supply fears eased slightly on  Wednesday as OPEC hiked production quotas by 1 million barrels  a day, balancing risks from Hurricane Ivan that has temporarily  closed 60 percent of Gulf of Mexico crude output.
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Iran, OPEC's second-biggest producer,  will comply with the cartel's decision to curb excess output  and pump crude oil at its official quota, an official said on  Wednesday.
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Iran Oil Minister Kazem Vaziri-Hamaneh said on Monday there is no shortage of crude oil in the market and OPEC has no plans to increase supplies.
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Most OPEC oil ministers held the line on Sunday that current output is sufficient to meet demand, but the world's biggest exporter Saudi Arabia was silent ahead of a September 11 meeting to chart production policy.
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Oil group Opec is expected to maintain its output quotas at a meeting on Monday, even as prices have been falling.
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Oil prices steadied Friday, after  Thursday's 5 percent surge, as OPEC producers signaled their  readiness to defend prices by cutting global supply.
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OPEC will keep its oil output near a   25-year high despite a $13 fall in the crude price since   mid-July, ministers said on Monday, but the group left the door   open to a supply cut before the end of the year.
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The International Energy Agency kept its 2008 forecast for oil demand unchanged on Wednesday despite growing expectations of a recession in the United States.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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OPEC ministers will concentrate on quota  compliance rather than cutting official production ceilings to  combat falling oil prices when they meet in Cairo this week,  Iran's oil minister was quoted as saying on Monday.
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Oil cartel OPEC is set to keep output  quotas steady at a meeting in Caracas on Thursday, overruling a  proposal by host Venezuela -- the group&#039;s fiercest price hawk  -- to cut production.
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Opec producers agree to keep output levels unchanged at 27 million barrels a day.
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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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CAIRO  - OPEC oil producers appeared set to agree on a reduction in crude output by stepping up quota compliance to thwart a feared drop in prices as global energy demand slows next year.
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Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC&#39;s output ceiling if oil prices stay at record levels, a move that