OPEC wants to see oil prices fall faster
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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries wants oil prices that traded near $50 a barrel last week before retreating this week to fall faster, and will discuss whether to increase production at a meeting next month, the
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Nervous OPEC oil producers on Wednesday  sized up how fast this week's ministerial meeting should rein  in a supply surge that has helped cut crude prices by a quarter  in barely six weeks.
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Nervous OPEC oil producers on Wednesday  sized up how rapidly this week's ministerial meeting should  rein in a supply surge that has helped drag crude prices down  by a quarter in barely six weeks.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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OPEC oil producers on Thursday weighed up  whether heavy recent price falls were severe enough to warrant  cutting back excess supply at Friday's ministerial meeting.
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OPEC oil producers said Thursday that  Friday's ministerial meeting would rein in oversupply to  bolster falling prices and that the cartel would have to reduce  output quotas early next year.
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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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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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OPEC will consider raising its average price band at a meeting next week, but has forecast crude prices to fall by up to a third once elections in the US and Iraq are completed.
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Oil prices fall more than a dollar in New York, after speculation Opec might increase output.
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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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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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OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.
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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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VIENNA -- High and volatile crude costs may signal ``a new price era," a senior OPEC official said yesterday, insisting that the 11-nation cartel is doing all it can to bring prices down to more reasonable levels.
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OPEC on Monday said the fundamentals of the world oil market show signs of weakening in 2007 as economic growth slows and supply from non-OPEC countries rises faster than global demand.
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Global oil prices should soon fall, partly because of expected supply increases from Iraq, the head of the Opec cartel forecast today.