OPEC chief expects oil prices to ease from recent high levels
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By Channel NewsAsia&#39;s Indonesia Bureau Chief Haseenah Koyakutty. JAKARTA : The head of the Organisation of Petroleum Exporting Countries, or OPEC, says he expects global oil prices to come well off their current crippling highs.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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The Organization of Petroleum Exporting Countries (OPEC) expects to find a solution with non-OPEC members and oil companies to jointly stabilize oil prices at their meeting next month, OPEC president Purnomo Yusgiantoro said.
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Saudi Arabia and other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. The decision in Cairo Friday comes amid a drop in oil prices from an all-time high of more than $55 in mid-October to more than $40 now.
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Jakarta - Opec production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president said Monday.
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JAKARTA: Opec wants a faster retreat in oil prices and will discuss whether to raise its official oil output ceiling at its September 15 meeting, cartel president Purnomo Yusgiantoro said on Thursday.
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OPEC oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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OPEC vowed Sunday to do what it can  to deflate record high oil prices that have soared above $53 a  barrel, and top exporter Saudi Arabia promised to keep the  world supplied with as much oil as it needs.
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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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Oil prices fell on Wednesday after the  head of producer group OPEC said the market was oversupplied,  outweighing worries that powerful Hurricane Ivan could disrupt  U.S. offshore oil and gas production in the coming days.
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The high price of oil will continue until the end of March 2008, the president of OPEC said Saturday.
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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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ABUJA, Nigeria -- OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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OPEC may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to &#36;30 a barrel, the head of the producers' cartel said on Wednesday.
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The head of the Organization of the Petroleum Exporting Countries forecast on Monday that global crude prices would soon fall, partly because of expected supply increases from Iraq.
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OPEC production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.