OPEC Agrees to Cut Oil Output in Bid to Firm Up Prices
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OPEC oil ministers agreed today to cut oil production by one million barrels a day to stem a 24 percent price slide in the past six weeks, and they called for an emergency meeting
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Prices of crude oil on the world market will go up after the Organization of Petroleum Exporting Countries (OPEC) decided Friday to cut oil production by1 million barrels a day, said a Mexican analyst on Sunday.
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OPEC oil producers on Friday agreed to  squeeze out excess supply that has lowered world prices from  record highs.
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OPEC producers agreed Sunday to keep  output limits on hold, convinced that oil prices near $50 a  barrel are not stifling world growth.
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The Organization of the Petroleum Exporting Countries has agreed to increase output by one million barrels a day in a move to lower oil prices.
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Several key OPEC producers including  Saudi Arabia, Kuwait and Nigeria have agreed to trim oil supply  from October 1 under an unofficial deal to stem falling prices,  a Nigerian oil industry source said on Thursday.
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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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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, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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Oil edged up above $63 a barrel on Monday as two OPEC members trimmed production in an effort to tighten swollen supplies and halt a slide in prices.
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OPEC oil producers said on Thursday that Friday&#39;s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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OPEC oil producers meeting here this week are likely to clamp down on excess supply has that helped lower prices from record highs and will discuss how much to raise their price target, cartel officials said yesterday.
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Opec looks set to agree a cut in the rampant quota-busting, which its members say has caused oil prices to fall in recent months.
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The Organization of Petroleum Exporting Countries agreed at a meeting in Cairo, Friday to cut production by about four percent. The cut is aimed at halting the recent slide in prices.
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Oil edged up to $63 a barrel on Friday after OPEC agreed to cut supply for a second time in two months, underlining its determination to manage the market and prop up prices.