OPEC sends conflicting signal on need for deeper cut
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OPEC ministers sent conflicting signals on Saturday on whether the group needed to reduce oil production further to bring markets back into equilibrium.
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Members of OPEC were divided today on whether output should be increased in a bid to boost global supply that might cause prices to drop.
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OPEC on Monday said the world oil market shows signs of weakening in 2007 as economic growth slows, a problem the exporter group seeks to address through its decision last week to cut supply.
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VIENNA, Austria OPEC ministers are divided over whether they should raise output and target prices as they arrived in Austria for a key meeting.
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OPEC oil cuts already in place are tightening the world market ahead of winter and may prevent a recovery in consumer stocks, the International Energy Agency said on Wednesday, urging OPEC to hold off on a new reduction.
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Increased demand in India and China is affecting oil prices, but &quot;non-fundamental&quot; factors make it hard to forecast which side of the $45 per barrel mark they will head, OPECâs President said on Tuesday.
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OPEC members were divided yesterday on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally on the need to cut output by at least 1 million barrels a 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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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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VIENNA: The spike in oil prices is stoking heated arguments between market players, who blame each other for lack of output capacities that has been exposed by strong global demand.
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Oil prices stuck near $47 a barrel on  Monday as traders were torn between the seasonal ebb of demand  in the second quarter and the constant threat of an OPEC output  cut.
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Raise prices. Ease production. For weeks ahead of this week&#39;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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Oil prices stuck near &#36;47 a barrel on Monday as traders were torn between the seasonal ebb of demand in the second quarter and the constant threat of an OPEC output cut.
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OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets
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As members of OPEC ready for a key meeting on whether to adjust oil prices, some petroleum companies and analysts are wondering if the cartel is becoming irrelevant in the modern, global economy.
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ABUJA, Nigeria  -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.
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Saudi Arabia and some other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.