OPEC is unlikely to reduce production
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VIENNA -- OPEC, the producer of 41 percent of the world's oil, probably won't cut output at a meeting here this week as mounting tensions between the United States and Iran bolster prices.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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OPEC is unlikely to change production at   its meeting this month and, due to high prices, is likely to   continue supplying the market more than demand, Iran's OPEC   governor Hossein Kazempour Ardebili said on Saturday.
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VIENNA : OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Oil prices continue falling on comments from Opec that suggest increasing supply is a possibility.
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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OPEC's top producer Saudi Arabia on  Wednesday questioned the need for the cartel to bolster oil  prices by cutting supply, saying the kingdom would keep crude  output at current high levels as long as customers wanted it.
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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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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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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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Most OPEC oil ministers held the line on  Sunday that current output is sufficient to meet demand, but  the world&#39;s biggest exporter Saudi Arabia was silent ahead of a  September 11 meeting to chart production policy.
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Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC's oil this year, the producer group said on Tuesday, dimming the prospect of an increase in supplies at its meeting next week.
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The Organization of Petroleum Exporting Countries (OPEC) says it is doing everything it can to stabilize oil prices. The reality, however, is that
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OPEC President Purnomo Yusgiantoro said  on Friday he was concerned with the continuing rise in global  oil prices, but the cartel had not yet seen a cost-driven  increase in inflation.
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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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Oil group Opec is expected to maintain its output quotas at a meeting on Monday, even as prices have been falling.