Saudi Arabia leads OPEC oil rush, resists quota increase
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VIENNA: OPEC is keeping its foot to the pedal on oil production in a bid to push crude prices back below $40 a barrel. Risking a counter-seasonal fourth quarter build in world crude stocks, Saudi Arabia will
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NEW YORK - Oil's record rally stalled yesterday after an OPEC minister said the group could not rule out another output hike and may call an early formal meeting next month in Saudi Arabia.
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LONDON, United Kingdom -- Red-hot world oil prices simmered just above 50 dollars on Wednesday after a pledge by Saudi Arabia to lift output brought only fleeting respite to a market gripped by supply fears, analysts said.
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Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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Kuwait on Tuesday called on OPEC to raise official oil production quotas by a token 500,000 barrels a day to help further calm world oil markets.
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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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Leading OPEC producer Saudi Arabia said on Monday it had made a renewed effort to deflate record high world oil prices by upping crude output again.
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OPEC's top producer Saudi Arabia on  Wednesday questioned the need for the cartel to bolster oil  prices by cutting supply, saying the kingdom would keep crude  output at current high levels as long as customers wanted it.
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Saudi Arabia is urging global oil stocks be increased before the world&#39;s crude oil cartel consider cutting output. Members of the Organization of Petroleum Exporting Countries
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LONDON  - Red-hot oil prices during 2004, stoked by a surge in global demand and worries about disruptions to supplies, are not harming world economic growth, Saudi Arabia&#39;s oil minister Ali al-Nuaimi insisted.
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Oil prices rose off three-month lows yesterday, after an attack on the US consulate in Saudi Arabia and reports of an OPEC pledge to raise its minimum price target.
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Saudi Arabia says it is ready to push an extra 1.3 million barrels a day of oil into the market, to help reverse surging prices.
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Oil prices increased on Monday for the first time in a week, reaching $43 a barrel after the US consulate in Saudi Arabia was attacked, and amid growing concerns that OPEC may try to stabilize oil prices after last week&#39;s sharp sell off.
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Oil prices have raced to new record high levels after oil majors evacuated workers in Nigeria and police clashed with suspected Islamic militants in the Saudi Arabian capital, Riyadh.
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OPEC vowed Sunday to do what it can to deflate record high oil prices that have soared above &#36;53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.