OPEC President: Oil Prices Will Fall
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In addition to expected production increases, OPEC president Purnomo Yusgiantoro cited the upcoming US presidential election in early November a factor likely to ease international oil prices.
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ABUJA, Nigeria -- OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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Organization of Petroleum Exporting Countries (OPEC) President Purnomo Yusgiantoro said today that the cartel will monitor any impact on oil prices from the re-election of US President George W. Bush.
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Venezuelan president Hugo Chavez said today in Moscow that 50 US dollars per barrel of oil is âan acceptable priceâ adding that OPEC (Oil Petroleum Exporting Countries) must make sure the price does not drop below 30 US dollars.
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Oil prices slid early on Monday after  several OPEC producers signaled the cartel could wait until its  mid-March meeting to make any production cuts.
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&quot;There must be a significant reduction in geopolitical tensions&quot; in order for oil prices to stabilize, says OPEC President Purnomo Yusgiantoro.
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' purchasing power and ministers will take up the issue when they meet next week to discuss new output curbs.
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OPEC President Purnomo Yusgiantoro highlighted the impact of the current high oil prices, saying the direct contribution of the increase in global oil prices to the economic slowdown
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Oil prices fell on Monday, extending the  previous session&#39;s decline, after remarks by oil producer group  OPEC that it was concerned about the potential impact of high  oil prices on the global economy.
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By Channel NewsAsia&#39;s Indonesia Bureau Chief Haseenah Koyakutty. JAKARTA : The head of the Organisation of Petroleum Exporting Countries, or OPEC, says he expects global oil prices to come well off their current crippling highs.
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JAKARTA  - Worldwide demand for oil is expected to drop by about one million barrels per day by the second quarter of 2005 after the northern hemisphere&#39;s winter season ends, OPEC&#39;s president said.
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OPEC can do nothing to douse scorching  oil prices when markets are already oversupplied by 2.8 million  barrels per day (bpd) of crude, Iran's OPEC governor said  Saturday, warning that prices could fall sharply.
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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Oil prices fell on Wednesday after the  head of producer group OPEC said the market was oversupplied,  outweighing worries that powerful Hurricane Ivan could disrupt  U.S. offshore oil and gas production in the coming days.
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said Thursday.
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Demand for oil will decline by 1  million barrels per day (bpd) in the second quarter of 2005,  the head of the OPEC producers' cartel said on Monday.