OPEC Production Up But Peace Key to Oil Prices
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all members excluding Iraq -- is nearing the 30 million barrels per day (bpd) mark, with up to a further 1.0 million
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Oil prices rise again as traders weigh up supply issues and the geopolitical tensions building in the Middle East.
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Oil turned higher again on Tuesday after retreating from record highs in response to concerns about the U.S. economy and further indications OPEC has already substantially raised oil output.
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Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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OPEC&#39;s president says the organisation&#39;s production levels are increasing to meet escalating demand, but he believes over-inflated prices can be brought down only by resolving global conflicts.
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OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given
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Oil rose on Monday, nearing $91 a barrel, with prices supported by the closure of Mexico's oil export terminals due to bad weather, as well as OPEC's dismissal of calls to raise output.
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The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to raise its oil production quota by one million barrels a day from Nov. 1 in a step to soothe market nerves over climbing oil prices.
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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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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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Oil steadied above $62 on Friday,   supported by signals that some OPEC producers may trim output   to stem a price decline caused by ample U.S. inventories.
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World crude prices climbed on Tuesday, as Qatar&#39;s energy minister said OPEC would not move next week to increase the cartel&#39;s oil output to battle tight global supplies amid strong energy demand.
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Oil prices were forced higher today by an outbreak of violence in Saudi Arabia and concerns that Opec may cut output. The cost of a barrel of light, sweet crude oil climbed
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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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World oil prices rose on Thursday as OPEC ministers gathering in Cairo raised the prospect of cutting output. New York&#39;s main contract, light sweet crude for delivery in January, climbed 59 cents to 42.53 dollars a barrel.