OPEC expects oil prices to fall to $30 per barrel
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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Oil fell below $77 a barrel on Monday as some funds booked profits after OPEC expressed concern over near record prices and pledged to pump more crude if needed.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.
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Crude oil prices fell Friday to the lowest in more than four months as traders regarded Organization of Petroleum Exporting Countries&#39;(OPEC) production cut as a too conservative measure.
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OPEC oil producers said on Thursday that Friday&#39;s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers
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Oil prices fell on Monday on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.
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Opec looks set to agree a cut in the rampant quota-busting, which its members say has caused oil prices to fall in recent months.
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The Christian Science Monitor - Many energy experts are predicting that the price of oil will fall in 2008 from its current level of about $93 a barrel.
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Oil prices fell sharply on Wednesday  after the head of producer group OPEC said the market was  oversupplied, outweighing worries that powerful Hurricane Ivan  could disrupt U.S. offshore oil and gas production in the  coming days.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut daily output by at least 1 million to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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Oil fell below $77 a barrel on Monday as some funds booked profits after OPEC expressed concern over near-record prices and pledged to pump more crude if needed.
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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 nations enforce yesterday&#39;s decision to lower output, ministers said.
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Oil prices fall more than a dollar in New York, after speculation Opec might increase output.
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The price of oil continues sliding downwards, on expectations of warmer weather ahead.
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Oil dropped nearly 3.5 percent to below $58 on Monday as OPEC members including Saudi Arabia signaled the group would probably keep output stable when it meets in March and as U.S. winter supply concerns eased.