US rejects OPEC&#39;s plea to tame prices
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This time last year, the OPEC members and a preponderance of analysts were fretting that new oil sources outside the Middle East would flood the market and collapse crude prices in the second half of 2004.
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: The OPEC price band for crude oil should be raised to reflect inflation since 2001 and the falling US dollar, Purnomo Yusgiantoro, Indonesia&#39;s oil minister and secretary general of the Organization of Petroleum Exporting Countries
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The price of oil has fallen in New York after Opec president Purnomo Yusgiantoro said that the oil cartel&#39;s members were increasing production.
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US OIL prices fell further yesterday on continued profit-taking as producer-group OPEC promised production increases in the coming months.
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Oil prices fell on Monday, extending the  previous session&#39;s decline, after remarks by oil producer group  OPEC that it was concerned about the potential impact of high  oil prices on the global economy.
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CAIRO  - OPEC ministers played down the significance of an indifferent market reaction to their output cut to shore-up sliding oil prices, insisting that prices would climb again next week.
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OPEC appeared willing on Wednesday to  pull back from more oil output cuts, responding to consumer  nation calls to hold off until winter has passed to guard  against price spikes that would hurt the world economy.
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OPEC&#39;s president has taken the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices.
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US light crude jumps back above $42 a barrel as cartel prepares to meet to debate output. CAIRO  - Oil prices rose Thursday as OPEC producers debated whether the recent tumble in prices was severe
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LONDON -- Oil prices fell but held above $61 a barrel yesterday as the market awaited OPEC's decision this week on whether to make further production cuts to shore up prices.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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NEW DELHI, Oct. 31. - The government today asked oil marketing companies not to hike price of petroleum products for another fortnight.
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Oil prices fell below $66 on Monday as   Iran offered to temporarily halt its nuclear enrichment program   and on expectations that OPEC will keep output steady at high   rates this year.
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OPEC may resist calls to raise oil  output quotas much, if at all, when it meets this week for fear  of turning a decline from record prices into a rout.
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OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Oil prices continue falling on comments from Opec that suggest increasing supply is a possibility.
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Oil prices fell by more than a dollar on  Friday as OPEC looked set to keep output unchanged at its  meeting this weekend and on forecasts for warmer weather in the  U.S. Northeast next week.