Opec vows to open the taps to cool down runaway oil prices
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Kuwait would back a hike of 1 million barrels per day (bpd) in Opec&#39;s oil output ceiling if crude prices remained at record levels, it said yesterday in a move
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OPEC vowed Sunday to do what it can to deflate record high oil prices that have soared above &#36;53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.
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OPEC&#39;s president said yesterday the United States should tap into its emergency petroleum reserve to help lower oil prices. &quot;We have asked [the United States] to use their oil reserves
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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.
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OPEC&#39;s president has taken the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices.
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OPEC oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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Oil cartel OPEC is set to keep output  quotas steady at a meeting in Caracas on Thursday, overruling a  proposal by host Venezuela -- the group&#039;s fiercest price hawk  -- to cut production.
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By Peg Mackey and Francois Murphy CAIRO  - OPEC oil producers said on Thursday that Friday's ministerial meeting would focus on halting oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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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 producers said on Thursday that  Friday's ministerial meeting would rein in oversupply to  bolster falling prices and that the cartel would have to reduce  output quotas early next year.
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OPEC oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.
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OPEC oil producers have said they will rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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The Organization of Petroleum Exporting Countries (OPEC) agreed Friday to reduce crude supplies by one million barrels a day from the beginning of next year to avoid further slide in oil prices.
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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 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 $1.50 higher.
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Non-OPEC oil exporters should consider  increasing output to cool record crude prices, OPEC President  Purnomo Yusgiantoro said on Sunday.