OPEC Approves of $50 Oil, Holds Output
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OPEC producers agreed Sunday to keep  output limits on hold, convinced that oil prices near $50 a  barrel are not stifling world growth.
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OPEC will keep its oil output near a   25-year high despite a $13 fall in the crude price since   mid-July, ministers said on Monday, but the group left the door   open to a supply cut before the end of the year.
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Oil futures retreated below $50 US a barrel Monday, though analysts said there is enough uncertainty about geopolitics and weather - and the industry&#39;s ability to boost crude oil output quickly - to keep prices from plummeting anytime
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: Indonesia will support the Organization of Petroleum Exporting Countries (OPEC) if it decides at its Dec. 10 meeting to leave its output quota unchanged, Iin Arifin Takhyan, Director General of Oil and Gas said.
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Crude oil futures rose to within a quarter of $50 a barrel yesterday after a gas leak shut down a North Sea oil production platform, and as traders weighed concerns about heating oil supplies against the fact that temperatures have been mild in recent weeks.
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Oil prices steadied on Monday as OPEC member Saudi Arabia cut exports, helping to pull the market back from a five-month low hit earlier amid a bout of fund selling.
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Saudi Arabia and other Gulf Arab states back a token rise in OPEC oil output in a gesture to consumer nations worried by the economic impact of $76 oil and rapidly diminishing stocks, an OPEC source said on Monday.
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THE Organisation of Petroleum Exporting Countries (OPEC) is hiking its official output by one million barrels per day effective November with Nigeria getting 82,000 barrels per day or 8.2 per cent of the new quota.
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Oil held around $60 on Friday, as traders weighed OPEC's plans to cut production against overflowing stockpiles in top consumer the United States.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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In a largely symbolic decision, OPEC agreedto increase its formal production ceiling. But the move will have no impact on the physical oil market.
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US oil prices reached a record $50 a barrel on Monday as Nigeria emerged as the latest focus for worries about supply in an already tight worldwide energy market.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, a delegate said on Thursday, sending oil prices more than a dollar higher.
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DOHA - Opec producers are enjoying less of a windfall than US$50 ($70) oil prices suggest, as big discounts for their lower-quality crude and a weak dollar hit export earnings, Opec officials say.
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Oil prices closed above $50 a barrel for the first time yesterday as concerns linger about damage to oil production in the Gulf of Mexico from Hurricane Ivan.
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Oil edged up to $63 a barrel on Friday after OPEC agreed to cut supply for a second time in two months, underlining its determination to manage the market and prop up prices.
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Oil prices steadied Friday, after  Thursday's 5 percent surge, as OPEC producers signaled their  readiness to defend prices by cutting global supply.