OPEC agrees to cut surplus output to defend high prices
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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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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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OPEC will keep its oil output near a   25-year high despite a $13 fall in the crude price since   mid-July, ministers said on Monday, but the group left the door   open to a supply cut before the end of the year.
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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 prices settled under $41 for the first time since July Friday as dealers took profits on a widely expected move by the OPEC cartel to curb production in excess of its official output ceiling.
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Oil steadied above $62 on Friday,   supported by signals that some OPEC producers may trim output   to stem a price decline caused by ample U.S. inventories.
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The oil producing OPEC cartel Monday began reducing its oil output to maintain prices around current levels, the Wall Street Journal reported.
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OPEC Friday agreed to cut oil production by about 4 percent in an effort to prop up falling prices.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.
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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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LONDON  - Oil prices rebounded on concerns that OPEC producers might announce a surprise cut in output quotas when they meet later this week, following a recent market sell-off, analysts said.
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OPEC oil producers were poised on Friday to stamp out excess supply that has lowered world prices from record highs.
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Oil prices held firm above $47 a barrel  as signals from the OPEC cartel of a possible cut to production  countered fears of a slowdown in second-quarter demand.
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The cartel moves to cut production, which could end recent declines in petroleum prices.
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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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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, seeking to stem a two-month slide in oil prices, said yesterday Venezuela and Nigeria would cut crude production by a combined 170,000 barrels a day.