Official: OPEC to Cut Production Next Year
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said Thursday.
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OPEC on Monday said the world oil market shows signs of weakening in 2007 as economic growth slows, a problem the exporter group seeks to address through its decision last week to cut supply.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, Qatar's oil minister said on Thursday, sending oil prices more than a dollar higher.
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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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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months
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OPEC oil cuts already in place are tightening the world market ahead of winter and may prevent a recovery in consumer stocks, the International Energy Agency said on Wednesday, urging OPEC to hold off on a new reduction.
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OPEC oil producers said on Thursday that Friday&#39;s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers
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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 members enforce their decision to lower output, ministers said.
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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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The head of the Organization of the Petroleum Exporting Countries forecast on Monday that global crude prices would soon fall, partly because of expected supply increases from Iraq.
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Several key OPEC producers including   Saudi Arabia, Kuwait and Nigeria have agreed to trim oil supply   from October 1 under an unofficial deal to stem falling prices,   a Nigerian oil industry source said on Thursday.
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Core Gulf producer Kuwait will meet its  OPEC cut by lowering oil product sales by 190,000 barrels per  day (bpd) during first-quarter refinery maintenance, a Kuwaiti  oil official said on Wednesday.
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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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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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OPEC, producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent to end the biggest six-week drop in prices since demand collapsed after the September 2001 attacks on the US.
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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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.