OPEC Chief Calls on US to Tap Reserves to Reduce Oil Prices
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The head of the Organization of Petroleum Exporting Countries (OPEC) has called on the United States to release some of its oil reserves to help reduce world oil prices.
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OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.
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Crude oil futures would need to fall to about $37 a barrel before OPEC decides to cut production, according to a person familiar with the thinking of the cartel's top officials.
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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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OPEC took the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices.
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OPEC oil cuts already in place are tightening the world market ahead of winter and may prevent a recovery in consumer stocks, the International Energy Agency said on Wednesday, urging OPEC to hold off on a new reduction.
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Exxon Mobil Corp.'s chief executive, making a Boston appearance yesterday, said the best hope for lowering gasoline prices is for federal officials to allow more oil exploration off US coasts and under federal lands and national parks.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.
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CAIRO, EGYPT - OPEC&#39;s top producer, Saudi Arabia, on Wednesday said the cartel&#39;s Friday meeting aims to steady falling oil prices and played down fears among fellow members of a supply surplus.
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Some of the biggest Western oil   companies are urging consumers to use less energy to bring down   prices and slow rising global demand.
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OPEC President Purnomo Yusgiantoro highlighted the impact of the current high oil prices, saying the direct contribution of the increase in global oil prices to the economic slowdown
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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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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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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.