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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OPEC will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.
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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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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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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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The Organization of the Petroleum  Exporting Countries (OPEC) has agreed informally the need to  cut production by at least 1 million barrels per day (bpd) to  keep the price of its crudes above $50-$55, the Financial Times  reported on Thursday without naming sources.
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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts
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OPEC on Wednesday lifted oil supply  quotas by one million barrels a day, four percent, in a renewed  bid to force down stubbornly high crude prices.
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Oil prices jumped more than 3 percent  on Tuesday to a one-month high of $99 a barrel as expectations  that OPEC will keep production tight spurred supply concerns.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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Oil rose on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally on the need to cut output by at least 1 million barrels a day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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Oil rose nearly $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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By Edmund Blair and Barbara Lewis CAIRO  - OPEC oil producers on Friday agreed to stamp out excess supply that has lowered world prices from record highs.
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Oil jumped a dollar to above $60 on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut production by at least 1 million barrels per day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.