Opec agrees to clamp down on oil production
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OPEC, the oil producers&#39; cartel, agreed yesterday to clamp down on its excess production, which has seen crude prices tumble by one-quarter in just six weeks.
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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(CBS/AP) Juggling between its need to keep prices up without having them explode, OPEC agreed Friday to reduce its daily oil output by 1 million barrels a day - and reserved the right to cut deeper early next year if crude turns much cheaper than now.
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CAIRO  - OPEC oil producers were closing in on a deal to reduce oil production to bring it closer to official quotas, which will be left unchanged, Kuwaiti Energy Minister Sheikh Ahmad Fahd al-Sabah said.
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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 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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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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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 on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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After pumping oil at close to full capacity for several months in a bid to bring prices down from record levels, OPEC ministers said Thursday that they were considering curbing
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VIENNA In a largely symbolic decision, OPEC agreed on Wednesday to increase its formal production ceiling by 1 million barrels a day, underlining the group&#39;s resolve to bring down high oil prices.
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Oil ministers agreed today to cut production by one million barrels a day to stem a 24 percent price slide in the past six weeks.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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Oil producing cartel Opec is to cut back on over-production in an attempt to halt the recent slide in prices, Kuwait's oil minister says.
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OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. The decision in Cairo Friday comes amid a drop in oil prices from an all-time high of more than $55 in mid-October to more than $40 now.
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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.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.