OPEC to Cut Production After Six-Week Price Decline
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OPEC, the producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent in a bid to prop up prices after the biggest drop in three years.
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Oil fell more than a dollar to below $62 a barrel on Monday as healthy fuel inventories in top consumer the United States countered plans by OPEC members Nigeria and Venezuela to trim output.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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U.S. oil prices slid more than 1.6  percent on Monday following OPEC's decision at the weekend to  leave cartel production unchanged for the time being and after  Iraq's election went ahead without disruption to key oil  exports.
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Oil producing cartel Opec is to cut back on over-production in a bid to halt declining prices, Kuwait's oil minister says.
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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 Thursday.
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Oil slid to a six-week low on Friday,  continuing a fund-led selling spree that has knocked 13 percent  from last week's record highs as rising stockpiles have eased  worries of a winter supply crunch.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut daily output by at least 1 million to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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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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Oil prices fell to a six-month low   under $60 a barrel on Monday as BP's move to restore output at   Prudhoe Bay earlier than expected added to a sense of healthy,   secure supplies, while demand growth questions loomed large.
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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Oil fell below $60 on Friday, reversing course from the previous day as traders weighed OPEC's plans to cut production by 1 million barrels per day (bpd) against overflowing stockpiles.
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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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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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Oil prices slumped to their lowest  level in nearly four weeks on Monday as OPEC members signaled  they may leave production unchanged through the rest of the  winter.
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LONDON -- Oil prices fell but held above $61 a barrel yesterday as the market awaited OPEC's decision this week on whether to make further production cuts to shore up prices.