OPEC cuts oil production to hold prices
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The oil producing OPEC cartel Monday began reducing its oil output to maintain prices around current levels, the Wall Street Journal reported.
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Oil prices tumbled on Monday after OPEC  producers agreed to keep crude output unchanged for now and  Iraq's elections passed without disruption to oil exports.
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Oil prices steadied on Monday as OPEC  member Saudi Arabia cut exports, helping to pull the market  back from a five-month low hit earlier amid a bout of fund  selling.
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CAIRO After producing at close to full capacity for several months in a bid to drive crude oil prices down from record levels, OPEC ministers are now considering production cuts to prevent a slump in prices as demand slows next year, OPEC officials and
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VIENNA -- OPEC will hold its oil production steady for now -- but it is casting a wary eye on prices as the cost of crude plummets to five-month lows.
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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OPEC, producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent to end the biggest six-week drop in prices since demand collapsed after the September 2001 attacks on the US.
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OPEC will keep its oil output near a   25-year high despite a $13 fall in the crude price since   mid-July, ministers said on Monday, but the group left the door   open to a supply cut before the end of the year.
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Oil prices steadied on Monday as OPEC member Saudi Arabia cut exports, helping to pull the market back from a five-month low hit earlier amid a bout of fund selling.
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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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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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.
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Crude oil prices were flat Friday, despite media reports that OPEC had agreed to cut production amid a steep price correction. The January futures contract was off 1 cent at $42.52, some 23% below its record closing high of $55.17 touched Oct, 26.
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OPEC oil producers on Friday agreed to  stamp out excess supply that has lowered world prices from  record highs.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.