OPEC has asked US for oil help
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The president of the Organisation of Petroleum Exporting Countries says he has asked the US to release some of its emergency crude oil stocks.
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Opec is under pressure to lift official production levels at a critical meeting today as global crude prices rose again on the back of pipeline attacks in Iraq and hurricanes heading for the Gulf of Mexico.
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OPEC was meeting on Tuesday to consider  a modest rise in oil output proposed by Saudi Arabia and other  Gulf Arab states in a gesture to consumers worried by the  economic impact of $77 oil and rapidly diminishing stocks.
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OPEC responded to recent high oil prices yesterday by raising its output quotas by 1 million barrels per day (bpd) of crude, effective from 1 November, a move analysts said was largely cosmetic in light of its current overproduction.
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VIENNA - OPEC sought to reassure jittery oil markets yesterday by agreeing to boost crude production by 500,000 barrels a day - a move the cartel conceded was prompted partly by "clouds on the horizon" from the US housing slump.
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By Malcolm Moore, Economics Correspondent (Filed: 29/09/2004). Oil shot through $50 a barrel for the first time yesterday as the President of Opec admitted the cartel &quot;cannot do anything&quot; to help and warned of a global recession.
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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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The president of the Organization for Petroleum Exporting Countries (OPEC) asked the United States to release some of its emergency oil stocks.
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Organization of Petroleum Exporting Countries President Purnomo Yusgiantoro said he has requested that the US use more of its oil reserves to calm the markets.
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As members of OPEC ready for a key meeting on whether to adjust oil prices, some petroleum companies and analysts are wondering if the cartel is becoming irrelevant in the modern, global economy.
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SAUDI minister Ali al-Naimi sought to take some of the heat out of the oil market, by promising that his Kingdom could pump an extra 1.5m barrels a day &#39;immediately&#39; if demand increases.
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VIENNA: OPEC is keeping its foot to the pedal on oil production in a bid to push crude prices back below $40 a barrel. Risking a counter-seasonal fourth quarter build in world crude stocks, Saudi Arabia will
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The head of the Organization of Petroleum Exporting Countries (OPEC) has called on the United States to release some of its oil reserves to help reduce world oil prices.
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Officials from the world's seven largest economies urge oil producers to increase supply to bring down prices.
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OPEC ministers sent conflicting signals  on Saturday on whether the group needed to reduce oil  production further to bring markets back into equilibrium.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.