Crude oil prices fall sharply on OPEC&#39;s production cut
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Crude oil prices fell Friday to the lowest in more than four months as traders regarded Organization of Petroleum Exporting Countries&#39;(OPEC) production cut as a too conservative measure.
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Oil prices fell to $61 a barrel in choppy trading yesterday as brokers weighed a healthy supply-demand balance against the possibility of an OPEC production cut.
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Oil prices jumped almost $1 to more than $62 a barrel this afternoon after the Organization of Petroleum Exporting Countries announced plans to cut production by 500,000 barrels a day.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.
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OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. The decision in Cairo Friday comes amid a drop in oil prices from an all-time high of more than $55 in mid-October to more than $40 now.
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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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Crude oil prices were flat Friday, despite media reports that OPEC had agreed to cut production amid a steep price correction. The January futures contract was off 1 cent at $42.52, some 23% below its record closing high of $55.17 touched Oct, 26.
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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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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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Oil prices extended losses Wednesday, falling sharply as US President George W. Bush pressured OPEC to increase crude output to help cut the cost of energy.
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Crude oil prices fell Thursday after the Organization of Petroleum Exporting Countries (OPEC) lowered its forecasts for growth in global demand this year and next.
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U.S. oil prices fell to a one-month low  below $45 a barrel on Tuesday, under pressure from signs OPEC  would not cut production until its March meeting and on  forecasts of rising U.S. crude stockpiles.
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U.S. oil prices slid more than 1.6  percent on Monday following OPEC's decision at the weekend to  leave cartel production unchanged for the time being and after  Iraq's election went ahead without disruption to key oil  exports.
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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 yesterday.
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Oil prices fell heavily from near record  peaks on Wednesday after a sharp build in U.S. crude oil stocks  spurred traders to take profits from a fierce rally.
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Oil prices fell on Monday, on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.
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DOHA - Opec producers are enjoying less of a windfall than US$50 ($70) oil prices suggest, as big discounts for their lower-quality crude and a weak dollar hit export earnings, Opec officials say.