OPEC Leaders May Weigh Cutting Some Oil Production
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Oil prices have been at record highs this year, with money gushing into the coffers of oil producers thanks to the world&#39;s growing thirst for oil.
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OPEC cannot rule out cutting oil production if oil prices slide further before the producer group meets next Friday, a senior OPEC delegate said on Friday.
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The falling dollar is increasing the chances of a cut in output by oil producers' group Opec at its meeting later this month.
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The head of the Organization of Petroleum Exporting Countries (OPEC) has called on the United States to release some of its oil reserves to help reduce world oil prices.
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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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With crude oil prices drifting down to as low as $ 41 per barrel, OPEC is expected by many observers to slash production, when it meets on Friday.
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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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ABUJA, Nigeria -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.
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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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OPEC appeared willing on Wednesday to  pull back from more oil output cuts, responding to consumer  nation calls to hold off until winter has passed to guard  against price spikes that would hurt the world economy.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from a further cut that risks pushing up prices and damaging economic growth.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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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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CAIRO  - OPEC oil producers appeared set to agree on a reduction in crude output by stepping up quota compliance to thwart a feared drop in prices as global energy demand slows next year.
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The possibility of a cut in OPEC production grew stronger yesterday after the oil minister of Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
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OPEC could be shutting off the spigot on Wall Street's recent record setting rally as a production cut by the cartel has oil prices shooting higher and stocks looking at a difficult open.
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OPEC oil producers meeting on Sunday are  debating what advance measures they can put in place to head  off a potential price drop after the northern winter, cartel  ministers said on Saturday.