OPEC unable to influence market as oil prices scale new heights ...
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LONDON, Oct 11  - The Organization of Petroleum Exporting Countries says it is doing everything possible to help cool record high oil prices but its inability to meet markets&#39; wishes reduces its credibility and influence, analysts said Monday.
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The Organization of Petroleum Exporting Countries (OPEC) says it is doing everything it can to stabilize oil prices. The reality, however, is that
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International oil markets have enough  oil, but a lack of capacity to refine it was contributing to  high prices, OPEC&#39;s president told reporters on Sunday.
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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 told reporters on Sunday.
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OPEC may resist calls to raise oil output quotas much, if at all, when it meets this week for fear of turning a decline from record prices into a rout.
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Oil prices hit near record levels amid a number of supply concerns, but failed to go over 50 dollars a barrel after getting some relief as Saudi Arabia promised to increase production.
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Oil prices took time out on Friday from this week&#39;s succession of record highs, but anxiety over outages in the US Gulf, Nigeria and Norway in the run-up to winter left little hope of relief for consumers.
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OPEC is united on the need to raise its oil price target to an average $30 a barrel, but the cartel has yet to agree on when to implement the higher level, a top Iranian oil official said on Thursday.
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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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OPEC President Purnomo Yusgiantoro said  on Friday he was concerned with the continuing rise in global  oil prices, but the cartel had not yet seen a cost-driven  increase in inflation.
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Oil prices fell sharply 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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Jakarta - 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 said Monday.
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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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Raise prices. Ease production. For weeks ahead of this week'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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VIENNA : OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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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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As oil prices keep setting new record highs, there are growing concerns that Asia's energy-hungry economies can no longer continue absorbing the impact with crude creeping toward 60 dollars a barrel.