Opec seeks US help to ease oil price
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THE head of oil cartel Opec today revealed that he had urged the United States to release crude stocks from its strategic reserve to bring down sky-high oil prices.
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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 prices sank under 90 dollars on Wednesday as traders seized on rising US crude reserves and after US President George W. Bush called on OPEC to increase output to help cut the cost of energy.
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President Bush on Tuesday nudged OPEC powerhouse Saudi Arabia and other cartel members to produce more oil, recognizing that soaring prices are straining the US economy
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JAKARTA: Opec wants a faster retreat in oil prices and will discuss whether to raise its official oil output ceiling at its September 15 meeting, cartel president Purnomo Yusgiantoro said on Thursday.
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OPEC is concerned by the fall  in the dollar and the producer group will take up the issue  when it meets next week to chart supply policy.
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President Bush is hopeful that after talks with Saudi King Abdullah OPEC will authorize an increase in oil production to ease pressure on prices.
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Organization of Petroleum Exporting Countries President Purnomo Yusgiantoro said he has requested that the US use more of its oil reserves to calm the markets.
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President George W. Bush said on Tuesday  that more oil from OPEC would help ease the pain to consumers  of high energy prices, applying more pressure on Saudi Arabia  to do something to tame prices.
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OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
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Raise prices. Ease production. For weeks ahead of this week&#39;s OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high - and lowering output.
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During a visit to Saudi Arabia, President Bush urged OPEC to consider the impact high oil prices were having on the American economy, and promised to discuss the issue with the Saudi king.
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The Organization of Petroleum Exporting Countries wants oil prices to fall faster to an ideal price of around US$30 a barrel, and will discuss whether to increase production at a meeting next month, the group&#39;s president said Thursday.
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WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.
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US Energy Secretary Samuel W. Bodman ahead of an OPEC meeting next month urged oil-producing states on Monday to pump more crude to ease pressure on prices.
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ABUJA, Nigeria  -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.
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OPEC was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of $77 oil and rapidly diminishing stocks.