OPEC Blames Rising Oil Prices on Unrest
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&quot;There must be a significant reduction in geopolitical tensions&quot; in order for oil prices to stabilize, says OPEC President Purnomo Yusgiantoro.
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OPEC responded to recent high oil prices yesterday by raising its output quotas by 1 million barrels per day (bpd) of crude, effective from 1 November, a move analysts said was largely cosmetic in light of its current overproduction.
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OPEC President Purnomo Yusgiantoro said on Friday he was concerned with the continuing rise in global oil prices, but the cartel had not yet seen a cost-driven increase in inflation.
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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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OPEC sees no reason to change crude  output as the nine-month high in oil prices last week was due  to U.S. gasoline supply concerns and international political  tension, a senior OPEC delegate said on Monday.
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But prices of oil and natural gas are climbing as a cold snap and earlier cuts in OPEC production take their toll.
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London - Crude oil prices yesterday rose from a three-month low on disruptions to supplies from Nigeria and Norway and comments by Opec officials that output from the oil producers&#39; cartel might be reduced.
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OPEC President Purnomo Yusgiantoro said  on Friday he was concerned with the continuing rise in global  oil prices, but the cartel had not yet seen a cost-driven  increase in inflation.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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VIENNA: Oilâs record price surge has thrust the Organisation of Petroleum Exporting Countries (Opec) into the political spotlight more than any time since the 1970s.
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Nagging concerns about tight heating oil supplies and increasing pressure within OPEC to rein in overproduction sent oil prices above US$43 a barrel on Thursday.
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A militant attack on the US consulate in Saudi Arabia and unrest in Nigeria pushed crude prices upward Tuesday, as supply fears crept back into play and traders considered a potential production cut from oil cartel OPEC.
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World oil prices are continuing to scale record heights, rising on concerns over disruptions to supply from strike-hit producers Nigeria and Norway.
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(120 sec.) Africa's largest oil producer is facing a resurgence of violence and kidnappings driving oil prices up.
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Top oil-producing countries have blamed the advance of crude prices toward $100 a barrel on financial speculation, geopolitical instability and a shortfall in refining capacity.
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WASHINGTON -- Oil prices edged higher yesterday amid violence in Nigeria and concerns that OPEC may reduce output when it meets next week, but buying was kept in check by forecasts calling for warmer US weather next week.