Some Members Also Favor Increasing Oil&#39;s Target Price
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Saudi Arabia&#39;s oil minister said Wednesday that he was happy with OPEC&#39;s current output, while his Libyan counterpart called for a production cut.
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Most households and businesses will pay more for heating this winter as the prices of crude oil and other energy sources continue to rise.
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HOUSTON, Dec.7 -- After plummeting more than $7/bbl last week, crude futures prices bumped up Monday amid indications by several members of the Organization of Petroleum Exporting Countries that they might take action at their meeting Friday in Cairo to
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The world's top economic leaders  Friday asked oil producers to pump more crude and demanded  better market data to determine why oil costs have roared to  levels that imperil the best growth prospects in 30 years.
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A meeting of OPEC members this week will decide whether to increase its production band and prices, or lower them, amid wildly oscillating oil markets.
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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.
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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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&quot;The sharp rise in oil prices has contributed to the weakening of the expansion in recent months, and will likely continue to do so for several quarters,&quot; the IMF report said.
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Local analysts said the jump in world oil prices, if sustained, could push up petrol prices another 42c/l in coming months, boosting inflation and slowing down spending in the economy.
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The oil producers' group is set to meet, with some members pressing for a reduction oil output.
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High oil prices pose a risk to the  global economy, but the economic outlook for 2005 is still  favorable, the Group of Seven nations said in a statement  following their meeting on Friday.
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Oil futures prices rose slightly Monday despite assurances from Middle East countries that they were committed to keeping the market well supplied as a strike began in Africa&#39;s largest exporter of crude.
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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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Fifteen months ago, key members of the Organization of the Petroleum Exporting Countries said that the steep price of oil, about $70 a barrel, was a concern because it might endanger global economic growth -- and stifle global demand for oil.
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Although oil prices have remained at historically high levels for a while, market watchers and government officials said that complications might not be overwhelming due to an upgrading of the country&#39;s industrial structure.
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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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Oil prices rose on Wednesday, pushed upwards by technical buying, but struggling to break above the narrow range that has persisted this month.