As Prices Drop, OPEC Warms to Output Cuts
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After pumping oil at close to full capacity for several months in a bid to bring prices down from record levels, OPEC ministers said Thursday that they were considering curbing
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OPEC, seeking to stem a two-month slide in oil prices, said yesterday Venezuela and Nigeria would cut crude production by a combined 170,000 barrels a day.
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Oil prices slid on Monday after OPEC  members signaled the cartel could wait until its mid-March  meeting to make any production cuts.
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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As ministers from the Organisation of Petroleum Exporting Countries meet in Cairo, there are calls for cuts in output to prevent the slide in oil prices accelerating with the seasonal decline in demand in the spring.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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The cartel moves to cut production, which could end recent declines in petroleum prices.
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The oil producing OPEC cartel Monday began reducing its oil output to maintain prices around current levels, the Wall Street Journal reported.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally on the need to cut output by at least 1 million barrels a day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as members enforce their decision to lower output, ministers said.
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Oil prices slumped to their lowest  level in nearly four weeks on Monday as OPEC members signaled  they may leave production unchanged through the rest of the  winter.
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(CBS/AP) Juggling between its need to keep prices up without having them explode, OPEC agreed Friday to reduce its daily oil output by 1 million barrels a day - and reserved the right to cut deeper early next year if crude turns much cheaper than now.
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Although the United States is seemingly heading toward a recession, OPEC may soon have to cut its output to offset a seasonal demand slowdown in the spring.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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Oil dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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OPEC's president and oil powerhouse Saudi Arabia stepped back from direct calls to slash output yesterday, the eve of the group's year-end meeting, in potential good news for consumers worldwide.