OPEC Agrees to One Mln Bpd Oil Increase
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OPEC on Wednesday agreed to lift formal output quotas by one million barrels a day, four percent, to 27 million barrels a day, an OPEC delegate said.
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Major Gulf oil producer Kuwait will  back a hike of 1 million barrels per day in OPEC's output  ceiling if crude prices remain at record levels, a move that  would bring the cartel's formal production limits in line with  actual supplies.
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OPEC oil producers on Saturday said they  had already moved to enforce a deal to rein in excess supply, a  day after doubts over the group's resolve to cut sent prices  into a tailspin.  Oil prices fell 4 percent on Friday to the  lowest level since July despite the cartel's agreement to wipe  out one million barrels per day (bpd) of excess supply from  January 1.
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OPEC on Wednesday agreed to lift formal  output quotas by one million barrels a day, four percent, to 27  million barrels a day, an OPEC delegate said.
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all members excluding Iraq -- is nearing the 30 million barrels per day (bpd) mark, with up to a further 1.0 million
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VIENNA In a largely symbolic decision, OPEC agreed on Wednesday to increase its formal production ceiling by 1 million barrels a day, underlining the group&#39;s resolve to bring down high oil prices.
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Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if oil prices stay at record levels, a move that would bring formal production limits in line with actual supplies.
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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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Oil supply fears eased slightly on  Wednesday as OPEC hiked production quotas by 1 million barrels  a day, balancing risks from Hurricane Ivan that has temporarily  closed 60 percent of Gulf of Mexico crude output.
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Oil rose above $61 on Wednesday as   dealers balanced signs that producer group OPEC may take action   to stem tumbling prices against forecasts for a rise in U.S.   winter fuel stocks.
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The OPEC producers' cartel would  consider cutting formal output limits by 1 million to 1.5  million barrels per day (bpd) at its end-January meeting if  U.S. crude prices fall below $40 a barrel, an OPEC source said  on Friday.
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VIENNA, Austria - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant - given that the cartel is already exceeding the new quota.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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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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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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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 nations agreed to revise their oil production quota, boosting it by 1 million barrels per day in an effort to talk down crude oil prices.
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OPEC's core Gulf producers will  recommend the cartel raise supply quotas by one million barrels  a day, four percent, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd  al-Sabah said on Wednesday.