OPEC insists speculation to blame for high oil prices
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VIENNA : OPEC insisted that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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Oil prices fell on Monday after OPEC   agreed to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent slide in prices since   mid-July.
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Several OPEC members argued that the organization should raise its price band, but ministers remained deadset against hiking its official production quotas in a bid to stabilize the oil market.
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Saudi Arabia does not object to OPEC raising the current price band when oil-producing nations meet Sept. 15 and is negotiating the level with other oil-rich Gulf countries, a Saudi oil official said Sunday.
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VIENNA -- Consumers received no solace yesterday from OPEC, which said oil prices near $50 per barrel would remain high through the spring, even as the cartel decided to keep its production ceiling unchanged.
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Oil prices rise on speculation that producer cartel Opec may unveil  cuts in output at its December meeting.
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Oil prices continue falling on comments from Opec that suggest increasing supply is a possibility.
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JAKARTA/DUBAI  - OPEC is united on the need to  raise its oil price target to an average $30 a barrel, but the  cartel has yet to agree on when to implement the higher level,  a top Iranian oil official said on Thursday.
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OPEC met on Monday against the backdrop   of a $13 fall in the oil price since mid-July but ministers   said they were unlikely to tamper with output ahead of peak   winter demand and with supply worries ever present.
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Saudi Arabian Oil Minister Ali al-Naimi Wednesday questioned the need for OPEC oil producers to rein in oil supply, saying the cartel&#39;s reference crude price was still above its official target despite steep recent falls.
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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.
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OPEC can do nothing to douse scorching  oil prices when markets are already oversupplied by 2.8 million  barrels per day (bpd) of crude, Iran's OPEC governor said  Saturday, warning that prices could fall sharply.
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OPEC President Purnomo Yusgiantoro said oil prices are now being driven by fundamental factors rather than speculators. Hedge funds and other large speculators last week cut their bets
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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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Oil prices fall more than a dollar in New York, after speculation Opec might increase output.
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OPEC President Purnomo Yusgiantoro said  on Friday he was concerned with the continuing rise in global  oil prices, but the cartel had not yet seen a cost-driven  increase in inflation.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.