OPEC sees 1 million barrels per day demand drop in 2005
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JAKARTA  - Worldwide demand for oil is expected to drop by about one million barrels per day by the second quarter of 2005 after the northern hemisphere&#39;s winter season ends, OPEC&#39;s president said.
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Oil producing cartel Opec will cut back on over-production early next year to prevent a further fall in prices, Kuwait&#39;s oil minister has said.
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NEW YORK, September 16 (New Ratings) - The Organization of Petroleum Exporting Countries (OPEC) has decided to raise its official crude oil output quota by 1 million barrels per day, effective from November 1 this year.
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Oil prices fell $1 below record highs  on Tuesday as fears over supply disruptions in Venezuela eased  after President Hugo Chavez won a vote on his rule.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.
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Crude oil futures fell more than $1 a barrel yesterday to their lowest level in more than a month as traders took cues from OPEC officials signaling their willingness to accept lower prices before cutting output.
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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 dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given
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OPEC on Wednesday agreed to lift formal  output quotas by one million barrels a day, four percent, to 27  million barrels a day, an OPEC delegate said.
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Crude oil fell as OPEC President Purnomo Yusgiantoro said the group may raise its spare production capacity to as much as 2.5 million barrels a day by the end of this year, reducing concern about shortages.
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The OPEC oil cartel on Thursday said it  expected a surge in oil demand to slow next year, projecting  weaker economic growth in North America and China.
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Oil supplies may fall short of demand by 13 million barrels a day by 2030, according to a study led by former Exxon Mobil Corp. chairman Lee Raymond and based on forecasts from the world's largest oil companies.
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The OPEC producers' cartel would  consider cutting formal output limits by 1 million to 1.5  million barrels per day (bpd) at its end-January meeting if  U.S. crude prices fall below $40 a barrel, an OPEC source said  on Friday.
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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 members enforce their decision to lower output, ministers said.
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As OPEC&#39;s leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder if the cartel&#39;s influence has waned at a time when producers outside the
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Oil prices slumped more than $1 on  Tuesday as dealers anticipated another increase in U.S. crude  stockpiles, countering lingering fears OPEC may slash output in  the first quarter.