OPEC leaves production targets unchanged
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OPEC decided Monday to leave its current production targets unchanged, two key oil ministers said, opting not to tighten its taps despite crude prices that have fallen to five-month lows.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand until March, cartel ministers said  Saturday.
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OPEC oil producers and Chancellor Schroeder of Germany, which is a prominent consumer, agree that the remorseless rise in the price of crude has so far had little impact on global economic growth.
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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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OPEC agreed here on Friday to leave unchanged its oil production target, Nigeria's energy chief told reporters, snubbing US calls for an increase to cool prices.
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VIENNA: 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 yesterday.
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Opec oil producers recommend no change in output quotas ahead of Sunday's meeting in Austria.
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New Delhi: Prices of petrol, diesel and kerosene will remain unchanged for another fortnight as the Government on Sunday directed oil companies to put on hold any plans for the price hike.
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OPEC producers have said they see little impact on economic growth so far from oil&#39;s relentless price surge, which Wednesday racked up yet another record high.
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New Delhi: The prices of petrol and diesel would remain unchanged for another fortnight with the Government directing oil companies to put on hold any plans for a hike.
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A key OPEC committee has recommended that the cartel agree to keep current oil output quotas unchanged. It urges, however, that a meeting be held in February to review the market situation.
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The Organization of Petroleum Exporting Countries (OPEC) is likely to keep production close to a 25-year high to prevent shortages during the US winter, OPEC officials said.
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a big increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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Oil prices eased on Friday as OPEC  looked set to keep output unchanged at its meeting this  weekend, although concern ahead of Sunday's election in Iraq  limited the fall.
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OPEC ministers will concentrate on quota  compliance rather than cutting official production ceilings to  combat falling oil prices when they meet in Cairo this week,  Iran's oil minister was quoted as saying on Monday.
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OPEC members were expected to increase the cartel's production during a meeting Wednesday by 1 million barrels a day to meet the global demand for oil. But analysts contended that any decision by the group would likely have little effect on high oil prices.
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OPEC ministers will concentrate on quota compliance rather than cutting official production ceilings to combat falling oil prices when they meet in Cairo this week, Iran's oil minister was quoted as saying on Monday.