OPEC may cut output to finish prices slide
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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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Oil prices dip below $62 a barrel amid mixed signals over the possibility of further production cuts.
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ABUJA/LONDON  - OPEC President Nigeria called on its fellow OPEC countries to make deeper output cuts on Tuesday as prices tumbled to an 8-month low below $59 a barrel and the tide showed no sign of turning.
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OPEC Friday agreed to cut oil production by about 4 percent in an effort to prop up falling prices.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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OPEC yesterday agreed to cut oil production by about 4 percent in an effort to prop up falling prices. The Organization of the Petroleum Exporting Countries acted after several months of high
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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DUBAI/ABUJA  - OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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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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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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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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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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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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Oil prices fall more than a dollar in New York, after speculation Opec might increase output.
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CAIRO After producing at close to full capacity for several months in a bid to drive crude oil prices down from record levels, OPEC ministers are now considering production cuts to prevent a slump in prices as demand slows next year, OPEC officials and
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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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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.