OPEC Poised to Stamp Out Excess Supply
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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 may soon have to curtail output to end a six-week slide in prices and prevent inventories from increasing, officials from Libya and Indonesia said.
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OPEC said on Monday that world oil  demand in 2008 will grow moderately while supply from rival  producers will expand, reducing the need for crude from the  exporter group.
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Oil group Opec is expected to maintain its output quotas at a meeting on Monday, even as prices have been falling.
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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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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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It looks like OPEC wants to have its cake and eat it too.
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OPEC oil producers on Thursday weighed up  whether heavy recent price falls were severe enough to warrant  cutting back excess supply at Friday's ministerial meeting.
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Increased demand in India and China is affecting oil prices, but &quot;non-fundamental&quot; factors make it hard to forecast which side of the $45 per barrel mark they will head, OPECâs President said on Tuesday.
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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.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand until March, cartel ministers said  Saturday.
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Cairo - The push to cut Opec oil production grew yesterday with the minister of the United Arab Emirates saying on the eve of a meeting of the oil producers&#39; cartel that members had to honour output quotas to stem oversupply and falling prices.
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OPEC oil producers have said they will rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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After producing at the fastest pace in 25 years, the cartel is ready to cut back, but just a bit. CAIRO, Egypt  - Oil prices rose Friday as OPEC oil producers were poised to stamp out excess supply that has lowered world prices from record highs.
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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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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.