OPEC&#39;s Purnomo Says Demand, Not Speculators, Driving Oil Market
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OPEC President Purnomo Yusgiantoro said oil prices are now being driven by fundamental factors rather than speculators. Hedge funds and other large speculators last week cut their bets
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OPEC is unlikely to change production at   its meeting this month and, due to high prices, is likely to   continue supplying the market more than demand, Iran's OPEC   governor Hossein Kazempour Ardebili said on Saturday.
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Opec's president says oil supply is adequate as Brent crude hits a record $46 a barrel and US light crude hovers 4 cents below its all-time record.
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OPEC president Purnomo Yusgiantoro said the prediction of declining oil prices in the world markets from September to December this year was also based on the balancing of supply and demand
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a large increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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OPEC producers have said they see little impact on economic growth so far from oil&#39;s relentless price surge, which Wednesday racked up yet another record high.
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OPEC dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near $90 a barrel.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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OPEC met on Monday against the backdrop   of a $13 fall in the oil price since mid-July but ministers   said they were unlikely to tamper with output ahead of peak   winter demand and with supply worries ever present.
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As OPEC&#39;s leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder if the cartel&#39;s influence has waned at a time when producers outside the
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&quot;There must be a significant reduction in geopolitical tensions&quot; in order for oil prices to stabilize, says OPEC President Purnomo Yusgiantoro.
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Supply and demand in the oil market  are roughly in balance at the moment and current high prices  are due to the possibility of disruptions rather than any  shortage, a U.S. official said on Tuesday.
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The Organization of Petroleum Exporting Countries, OPEC, will maintain the oil prices reference band unchanged in the coming meeting scheduled for September 15 in Vienna, said Purnomo Yusgiantoro, OPECâs president.
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This year&#39;s oil price surge will not be a replay of the oil shocks of the 1970s and 1980s that sent the United States into a series of recessions, Federal Reserve Chairman Alan Greenspan said Friday.
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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 production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.
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In an attempt to prove it can still influence the global oil market, OPEC boosted its production target by 1 million barrels a day and began lobbying oil producers that aren&#39;t part of the cartel to follow suit.