OPEC shrugs off oil at $50 per barrel
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The president of the Organization of Oil Producing Countries said Tuesday skyrocketing oil prices are beyond the cartel&#39;s control.
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Oil prices pierced the $50-a-barrel  mark again on Friday amid concern over possible conflict in  Nigeria's oil-producing delta region, where a two-day truce  between rebel militia and government forces is holding.
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VIENNA, Austria -- Oil prices rose above $62 a barrel Thursday as OPEC delegates said they had agreed in principle to leave production unchanged for now but set the stage for a likely cut of half a million barrels a day in February.
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Oil steadied above $62 on Friday as   burgeoning U.S. inventories and slower-than-expected economic   growth balanced possible action from some OPEC producers to   trim output to halt the decline in prices.
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Oil prices raced to new record highs  above $50 on Tuesday, despite a pledge by OPEC producer Saudi  Arabia to increase production, as rebel threats against  Nigerian oil facilities threatened to inflict further strain on  global supplies.
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LONDON, NOVEMBER 29: Opec will not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said.
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The Minister of Energy, Dr. Paa Kwesi Nduom, has said government policy on the subsidy of ex-pump prices of petroleum products would remain unchanged even though crude oil price has topped the psychological milestone of $50 per barrel last Tuesday for the
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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 on Tuesday.
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Oil prices held firm above &#36;47 a barrel as worries about a possible cut to OPEC production curbed fears of a slowdown in second-quarter demand.
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By Malcolm Moore, Economics Correspondent (Filed: 29/09/2004). Oil shot through $50 a barrel for the first time yesterday as the President of Opec admitted the cartel &quot;cannot do anything&quot; to help and warned of a global recession.
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NEW YORK -- The price of oil settled above $50 US a barrel for the first time yesterday amid concerns over tight supplies globally and hurricane-related production problems in the Gulf of Mexico.
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SINGAPORE: Oil prices stayed on the boil above $53 a barrel on Monday, bolstered by persistent anxiety over Opec member Nigeria and the nearly month-long loss of a quarter of US Gulf of Mexico production, traders said.
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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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WARSAW/DOHA  - Saudi Arabia and other OPEC members said on Wednesday they are not to blame for near-record oil prices, pointing the finger at a global shortage of refinery capacity and international political tension.
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OPEC, pumping oil at the fastest pace in 25 years, has little ammunition left to reduce near- record prices at a meeting this week, and some analysts are forecasting crude above $40 a barrel for the rest of the year.
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OPEC producers agreed Sunday to keep output limits on hold, convinced that oil prices near &#36;50 a barrel are not stifling world growth.
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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.