OPEC asks US to tap oil reserves
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JAKARTA The Organization of Petroleum Exporting Countries has called on the United States to dip into its strategic petroleum reserve to help deflate oil prices, the cartel&#39;s president said Wednesday.
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Oil prices sank under 90 dollars on Wednesday as traders seized on rising US crude reserves and after US President George W. Bush called on OPEC to increase output to help cut the cost of energy.
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With enough CO2 injected into declining oil fields, the US could see its petroleum reserves quadruple.
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US Energy Secretary Samuel W. Bodman ahead of an OPEC meeting next month urged oil-producing states on Monday to pump more crude to ease pressure on prices.
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The Anglo-Dutch oil firm sets out to woo investors by explaining how it will boost its oil reserves at an analysts' briefing on Wednesday.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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&quot;We have asked them (the United States) to use their oil reserves to help cool down the prices,&quot; OPEC President Purnomo Yusgiantoro, who is also Indonesia&#39;s minister of energy and mineral resources, told reporters.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.
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OPEC responded to recent high oil prices yesterday by raising its output quotas by 1 million barrels per day (bpd) of crude, effective from 1 November, a move analysts said was largely cosmetic in light of its current overproduction.
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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.
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Two major oil companies and a small  Louisiana refiner are negotiating with the U.S. Department of  Energy to borrow crude from national emergency reserves as  crude production in the Gulf of Mexico only slowly recovers  from Hurricane Ivan, sources said on Friday.
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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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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries has asked the United States to use its strategic petroleum reserves to help reduce oil prices, the cartel&#39;s president said Wednesday.
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The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to raise its oil production quota by one million barrels a day from Nov. 1 in a step to soothe market nerves over climbing oil prices.
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ENERGY Secretary Vincent Perez urged oil companies to cut their retail prices in two weeks following the Organization of Petroleum Exporting Countries&#39; (OPEC) decision to raise production quotas by a million barrels a day starting November 1.
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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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Opec is under pressure to lift official production levels at a critical meeting today as global crude prices rose again on the back of pipeline attacks in Iraq and hurricanes heading for the Gulf of Mexico.