Report: Oil minister say extra capacity on hand
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SAN FRANCISCO (CBS.MW) -- Saudi Arabia&#39;s oil minister said Sunday that his country has 2 million barrels of extra oil production available, cording to a media report.
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An extra 3 million barrels per day (bpd)  of production capacity worldwide is needed to avoid another  year of blistering oil prices, International Energy Agency  (IEA) executive director Claude Mandil warned on Sunday.
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Kuwait&#39;s foreign minister said Wednesday that Middle East oil exporters are producing at maximum capacity to stabilize prices that are being driven up by speculators from outside the region.
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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Organization of Petroleum Exporting Countries (OPEC) ministers agreed to increase the cartel&#39;s official daily production quota by one million barrels.
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VIENNA: The Organisation of Petroleum Exporting Countries on Wednesday decided to increase its official output by 1 million barrels per day from November 1, Iranian oil minister Bijan Namdar Zangeneh and his Algerian counterpart Chakib Khelil said.
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BAGHDAD, Feb. 26 -- Iraq's cabinet approved draft legislation Monday that would enable the government to manage the country's vast oil resources and distribute revenue throughout the country, a step toward meeting a U.S. demand that the country's parliament pass such a law.
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Russia's natural resources minister said Monday that foreign companies would be welcome to help develop offshore oil fields, the same day a senior U.S. diplomat expressed concern about the minister's earlier statement that foreign access to oil and gas deposits would be limited.
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Defence minister triggers political storm when he suggests protecting Iraq's huge oil reserves was a reason for continuing deployment of troops.
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Increasing production and higher oil prices mean Iraq could see an influx of extra reconstruction money, a report says.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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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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Three Gulf countries -- the United Arab Emirates (UAE), Kuwait and Saudi Arabia -- promised Sunday to increase their oil output capacity to help stabilize world prices, the official WAM news agency reported.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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OPEC's core Gulf producers will  recommend the cartel raise supply quotas by one million barrels  a day, four percent, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd  al-Sabah said on Wednesday.
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The Bush administration announced Thursday it would provide US refineries with &quot;limited quantities&quot; of crude oil from the nation&#39;s emergency stockpile to help offset supply
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World demand for oil will rise more than expected while supplies will remain tight up to 2012, experts say.