OPEC Debates Need for Oil Supply Cutbacks
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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 was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.
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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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OPEC hinted that it was ready to cut production, as some delegates voiced concerns over a possible plunge in prices.
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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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Opec members have split on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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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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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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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 was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.
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Although the United States is seemingly heading toward a recession, OPEC may soon have to cut its output to offset a seasonal demand slowdown in the spring.
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OPEC oil producers said on Thursday that  Friday's ministerial meeting would focus on cutting back  oversupply to support falling prices and that producers would  have to reduce output quotas early next year.
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Oil prices continue falling on comments from Iran and Opec that suggest increasing supply is a possibility.
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Oil prices fell on Friday as traders   questioned whether planned output cuts by OPEC members Nigeria   and Venezuela would be enough to stem a two-month slide in   prices.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut production by at least 1 million barrels per day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.