OPEC: 'Very Small' Impact from Surge
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OPEC producers have said they see little impact on economic growth so far from oil's relentless price surge, which Wednesday racked up yet another record high.
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Oil prices fell on Wednesday after the  head of producer group OPEC said the market was oversupplied,  outweighing worries that powerful Hurricane Ivan could disrupt  U.S. offshore oil and gas production in the coming days.
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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 was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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DOHA - Opec producers are enjoying less of a windfall than US$50 ($70) oil prices suggest, as big discounts for their lower-quality crude and a weak dollar hit export earnings, Opec officials say.
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The world&#39;s oil producers don&#39;t have much capacity to increase output, which should keep prices high throughout 2005, Venezuela&#39;s oil minister said Thursday.
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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VIENNA -- Consumers received no solace yesterday from OPEC, which said oil prices near $50 per barrel would remain high through the spring, even as the cartel decided to keep its production ceiling unchanged.
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Opec has raised its output quotas in an attempt to bring oil prices below $40 a barrel. The cartel of leading oil producers says it will pump another million barrels of crude a day, bringing total output to 27 million barrels a day.
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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 will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, a senior OPEC delegate said on Thursday, sending oil prices up nearly $1.50.
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Oil was steady on Thursday, hovering  nearly $2 shy of its record high of $89 a barrel as one OPEC  minister raised the prospect of another output increase and  U.S. data showed rising inventories and weak demand.
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OPEC producers have said they see little  impact on economic growth so far from oil's relentless price  surge, which Wednesday racked up yet another record high.
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Record oil prices will only exert a modest impact on U.S. growth which looks set for a solid performance over the next 18 months, Federal Reserve Bank of Kansas City President Thomas Hoenig said on Wednesday.
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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.
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Opec's president says oil supply is adequate as the price of US light, crude comes within 4 cents of its all-time record.
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Nervous OPEC oil producers on Wednesday sized up how fast this week&#39;s ministerial meeting should rein in a supply surge that has helped drag crude prices down by a quarter in barely six weeks.