Oil Cartel Votes to Reduce Output
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OPEC yesterday agreed to cut oil production by about 4 percent in an effort to prop up falling prices. The Organization of the Petroleum Exporting Countries acted after several months of high
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Iran, OPEC's second-biggest producer,  will comply with the cartel's decision to curb excess output  and pump crude oil at its official quota, an official said on  Wednesday.
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OAO Yukos said it is cutting its oil-output growth forecast for 2004 and would reduce its capital expenditures, in a sign that its conflict with the Kremlin was hurting the expansion of Russia&#39;s biggest oil exporter.
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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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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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The International Petroleum Exchange in London is to reduce the hours of open outcry oil trading in a move to promote its Internet-based dealing system.
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OPEC oil producers said on Thursday that  Friday's ministerial meeting would rein in oversupply to  bolster falling prices and that the cartel would have to reduce  output quotas early next year.
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OPEC, producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent to end the biggest six-week drop in prices since demand collapsed after the September 2001 attacks on the US.
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CAIRO -- Organization of the Petroleum Exporting Countries members voted Friday to cut crude oil production by 1 million barrels a day to shore up prices that have dropped 25 percent since October.
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OPEC Friday agreed to cut oil production by about 4 percent in an effort to prop up falling prices.
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By Peg Mackey and Francois Murphy CAIRO  - OPEC oil producers said on Thursday that Friday's ministerial meeting would focus on halting oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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Leaders of a bipartisan House panel, seeking economic pressure against Iran, moved Thursday to reduce Tehran's import of gasoline.
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OPEC oil production cuts, announced at a special meeting of that cartelâs representatives in Cairo, Egypt Friday, are part of a strategy to keep light sweet crude prices above $40 a barrel.
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OPEC ministers decided after a meeting to keep the cartel's official output ceiling at 28.0 million barrels of oil per day, Qatari Energy Minister Abdullah bin Hamad al-Attiyah said.
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Beleaguered Russian oil company Yukos said yesterday that it had reduced its crude output forecast for the year as bailiffs continued to collect cash against
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CRUDE oil prices are expected to fall rather than rise, despite the latest decision of the oil producers&#39; cartel to reduce supplies coming on to the market.
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Oil prices fell to four-month lows on Friday even though the Organization of Petroleum Exporting Countries moved to curb production above its official 27 million barrel-per-day output ceiling.