OPEC President Urges US To Tap Oil Reserves
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Organization of Petroleum Exporting Countries President Purnomo Yusgiantoro said he has requested that the US use more of its oil reserves to calm the markets.
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JAKARTA OPEC is doing all it can to stabilize the world oil market and will increase spare output capacity by about one million barrels per day in the next few months, the cartel&#39;s president said Monday.
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The Bush administration is set to approve requests from two refineries to borrow oil from the government&#39;s Strategic Petroleum Reserve to make up for supplies
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OPEC president: &quot;The world has enough oil.&quot; Saudi slashes prices; US peak driving season ends. NEW YORK (CNN/Money) - Oil prices eased further Tuesday as the head of OPEC said there was plenty of crude on
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OPEC took the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices. Purnomo Yusgiantoro, the president of the
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PLEAS FOR OIL: President Bush warned Tuesday that surging oil prices threaten the U.S. economy and urged OPEC nations to boost their output. His plea drew little sympathy from oil-rich Saudi Arabia, which said production levels appear normal.
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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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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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Venezuelan President Hugo Chavez on Thursday said there is an excess of oil on the world market and proposed a minimum price for crude at &#36;50 a barrel. OPEC members have no intention of increasing their oil production despite demands from a number of industrialized nations, Chavez said as he spoke at the group&#039;s meeting in Caracas.
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OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
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The president of the Organization for Petroleum Exporting Countries (OPEC) asked the United States to release some of its emergency oil stocks.
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The global oil market is still oversupplied and prices could be higher despite a rally that has taken them above $60 a barrel, OPEC President Edmund Daukoru of Nigeria said on Monday.
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Officials from the world's seven largest economies urge oil producers to increase supply to bring down prices.
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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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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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President George W. Bush will not tap the U.S. Strategic Petroleum Reserve to ease oil prices that hit a record high of $100 a barrel on Wednesday, the White House said.
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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.