OPEC Production Up But Peace Key to Oil Prices
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all members excluding Iraq -- is nearing the 30 million barrels per day (bpd) mark, with up to a further 1.0 million
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Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.
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Oil prices edged higher on Friday,  ending a three-day losing streak, as dealers weighed OPEC's  threat to cut production against healthy supplies of crude and  gasoline in the United States, the world's biggest consumer.
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Oil prices rose toward $61 a barrel yesterday on concerns about winter weather, a December OPEC meeting, and violence in Iraq.
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LONDON  - Oil prices rebounded on concerns that OPEC producers might announce a surprise cut in output quotas when they meet later this week, following a recent market sell-off, analysts said.
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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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Oil rose on Monday, nearing $91 a  barrel, with prices supported by the closure of Mexico's oil  export terminals due to bad weather, as well as OPEC's  dismissal of calls to raise output.
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Oil prices jumped more than 3 percent  on Tuesday to a one-month high of $99 a barrel as expectations  that OPEC will keep production tight spurred supply concerns.
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OIL prices rose from three- month lows yesterday as political unrest overseas renewed concerns about supplies, while some Organisation of Petroleum Exporting Countries members started talking about cutting production to protect their incomes.
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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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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts
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Oil prices are rising as hopes of a rise in production from next week's Opec meeting dwindle.
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OPEC will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.
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Oil rebounded above $66 a barrel on   Tuesday, with bargain-hunting traders ending a six-day retreat   after Iran sounded a softer note on its atomic program and OPEC   agreed to keep production steady for now.
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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Oil steadied above $62 on Friday,   supported by signals that some OPEC producers may trim output   to stem a price decline caused by ample U.S. inventories.