Snow Expects Arab Help Against Oil Prices
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Oil costing roughly $53 a barrel is a major drag on the US economy, and Arab finance ministers have told the Bush administration they are committed to bringing the price down, Treasury Secretary John Snow said Sunday.
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SAUDI minister Ali al-Naimi sought to take some of the heat out of the oil market, by promising that his Kingdom could pump an extra 1.5m barrels a day &#39;immediately&#39; if demand increases.
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US Treasury Secretary John Snow predicted on Sunday skyrocketing oil prices were set to go down and said Middle Eastern finance ministers had responded positively to his request to boost output quotas.
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The Anglo-Dutch oil firm sets out to woo investors by explaining how it will boost its oil reserves at an analysts' briefing on Wednesday.
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Saudi Arabia sought to regain some control of oil markets Tuesday, promising to make available 800,000 barrels a day of new oil by the end of the month and to keep pumping crude vigorously.
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Oil prices head back toward record highs on concerns about supply ahead of the cold winter months.
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The Organization of Petroleum Exporting Countries wants oil prices to fall faster to an ideal price of around US$30 a barrel, and will discuss whether to increase production at a meeting next month, the group&#39;s president said Thursday.
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Saudi Arabia, the most powerful member of the Organisation of the Petroleum ExportingCountries, said yesterday thatglobal oil stocks needed to increase before Opec
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President George W. Bush urged Saudi Arabia on Tuesday to help tame soaring oil prices and warned Iran not to behave provocatively in the oil-exporting Gulf region.
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OPEC appeared willing on Wednesday to  pull back from more oil output cuts, responding to consumer  nation calls to hold off until winter has passed to guard  against price spikes that would hurt the world economy.
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ABU DHABI - Opec vowed yesterday to do what it can to deflate record high oil prices that have soared above $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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A Goldman Sachs  projection that  oil prices could top &#36;100 a barrel in the event of a major  supply disruption could be conservative in the current tight  market, said a senior executive with the investment bank.
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World oil prices could triple if the  diplomatic standoff over Iran&#039;s nuclear program escalates into  a military conflict, Saudi Arabia&#039;s ambassador to the United  States said on Tuesday.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from an immediate cut that risks pushing up prices and damaging economic growth.
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NEW YORK  - Global crude prices boiled over on fear of tight US winter fuel supplies and because of a tape apparently by Osama bin Laden calling for attacks on Gulf oil supplies.
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OPEC appeared willing on Wednesday to pull back from more oil output cuts, responding to consumer nation calls to hold off until winter has passed to guard against price spikes that would hurt the world economy.
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LONDON : World oil prices bolted up to new record summits beyond 52 dollars on markets nervous about tight global supplies with winter looming in the northern hemisphere.