OPEC to up output quotas by 4%: report
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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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 world crude prices.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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: Opec on Wednesday lifted oil supply quotas by one million barrels a day, 4 per cent, in a renewed bid to force down stubbornly high world crude prices.
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Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC&#39;s output ceiling if oil prices stay at record levels, a move that
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Major Gulf producer Kuwait will back  a hike of 1 million barrels per day in OPEC's output ceiling if  oil prices stay at record levels, a move that would bring  formal production limits in line with actual supplies.
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British energy giant BP PLC said Wednesday that oil and gas production rose 4 percent in the fourth quarter of 2004, largely due to higher output from Russia, but added that higher taxes there would take a chunk out of earnings.
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: Indonesia will support the Organization of Petroleum Exporting Countries (OPEC) if it decides at its Dec. 10 meeting to leave its output quota unchanged, Iin Arifin Takhyan, Director General of Oil and Gas said.
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Kuwait plans to spend some $30 billion  to $40 billion to upgrade its energy sector, and to increase  oil production capacity 60 percent to four million barrels per  day by 2020, top oil officials said in remarks published in  local newspapers on Sunday.
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Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if oil prices stay at record levels, a move that would bring formal production limits in line with actual supplies.
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VIENNA, Austria - OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit since the beginning of the year.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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OPEC agreed today to increase its crude output by 500,000 barrels a day in an effort to calm jittery markets.
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The Organization of Petroleum Exporting Countries, source of more than a third of the world&#39;s oil, may raise its output target by as much as 3.8 percent in a bid to lower near-record prices.
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OPEC may resist calls to raise oil output quotas much, if at all, when it meets this week for fear of turning a decline from record prices into a rout.
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Saudi Arabia&#39;s Oil Minister Ali Naimi said the kingdom has raised its capacity to 11 million barrels per day. Kuwait&#39;s Oil Minister Sheikh Ahmad Fahad Al Sabah called on OPEC
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OPEC decided at its ministerial meeting here Wednesday to increase its oil production ceiling by 1million barrels a day beginning Nov. 1, but the decision will have little real impact on the high oil prices.
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OPEC oil producers said Thursday that  Friday's ministerial meeting would rein in oversupply to  bolster falling prices and that the cartel would have to reduce  output quotas early next year.