OPEC sends conflicting signal on need for deeper cut
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OPEC ministers sent conflicting signals on Saturday on whether the group needed to reduce oil production further to bring markets back into equilibrium.
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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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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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OPEC oil producers on Saturday said they  had already moved to rein in excess supply, a day after doubts  over the group's resolve to cut sent prices into a tailspin.
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OPEC may be considering cutting its production to stem the recent steep decline in oil 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 oil producers on Saturday said they had already moved to rein in excess supply, a day after doubts over the group's resolve to cut sent prices into a tailspin.
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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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OPEC oil producers meeting on Sunday are  debating what advance measures they can put in place to head  off a potential price drop after the northern winter, cartel  ministers said on Saturday.
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OPEC is keeping its foot to the pedal on  production in a bid to drag down oil prices but may be  reluctant to rubber-stamp extra supplies by lifting official  output limits, Saudi Arabia said on Tuesday.
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Oil cartel expected to call for tighter compliance with official quota levels at Cairo meeting. CAIRO  - The OPEC oil cartel is unlikely to lower its official production ceiling when ministers meet
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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Oil prices stuck near &#36;47 a barrel on Monday as traders were torn between the seasonal ebb of demand in the second quarter and the constant threat of an OPEC output cut.
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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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Saudi Arabia&#39;s oil minister said OPEC should maintain production at its current level, creating a split in the 11-member group as prices weaken.
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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.