Saudis Shift Toward Letting OPEC Aim Higher
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Over the last year, Saudi Arabia has quietly endorsed a shift in strategy of pushing for oil prices higher than those of the last two decades.
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OPEC is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said on Tuesday.
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Oil prices rose off three-month lows yesterday, after an attack on the US consulate in Saudi Arabia and reports of an OPEC pledge to raise its minimum price target.
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OPEC will increase its official oil production target by one million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit all year.
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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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A meeting of the oil producers' group in Vienna will consider whether to boost output to rein in price rises, Saudi officials say.
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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 $US40 ($NZ62) a barrel. Risking a counter-seasonal fourth quarter build in stocks, Saudi Arabia will
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OPEC was meeting on Tuesday to consider a Saudi proposal to raise oil output in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing stocks.
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Opec is under pressure to lift official production levels at a critical meeting today as global crude prices rose again on the back of pipeline attacks in Iraq and hurricanes heading for the Gulf of Mexico.
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Oil prices climbed above &#36;41 a barrel on Monday after Saudi Arabia cut January crude deliveries to clients in Asia, confirming that the top exporter was adhering to OPEC's agreement last week to curb excess supply.
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Oil prices raced to new record highs above $50 on Tuesday, despite a pledge by OPEC producer Saudi Arabia to increase production, as rebel threats against Nigerian oil facilities threatened to inflict further strain on global supplies
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Oil prices climbed above $41 a barrel  on Monday after Saudi Arabia cut January crude deliveries to  clients in Asia, confirming that the top exporter was adhering  to OPEC's agreement last week to curb excess supply.
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JEDDAH, 30 November 2004 - Saudi Arabia plans to raise its oil production capacity to 12.5 million barrels per day from the current 11 million bpd over the next few years, Petroleum and Mineral Resources Minister Ali Al-Naimi said yesterday.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and Saudi Arabia, OPEC's top producer, said it is making good  on a pledge to cut output.
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Oil prices raced to new record highs  above $50 on Tuesday, despite a pledge by OPEC producer Saudi  Arabia to increase production, as rebel threats against  Nigerian oil facilities threatened to inflict further strain on  global supplies.
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VIENNA : OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Vienna: OPEC plans to adjust its price band before the end of the year, although not in order to stabilise the market as it claims but to justify sky-high oil prices, analysts say.