UAE Oil Minister Says OPEC Working to Keep Prices in Check
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Currently, the UAE is &quot;producing almost our full capacity&quot; of 2.5 million bpd, Oil Minister Obeid bin Saif al-Nassiri said, commenting on measures to ease the surge in world oil prices.
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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, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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UAE&#39;s Oil Minister Mohammed bin Dhaen al-Hamili Al-Hamili said: &quot;I think the price decline was expected but the speed of the decline was a surprise.
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World crude prices climbed on Tuesday, as Qatar&#39;s energy minister said OPEC would not move next week to increase the cartel&#39;s oil output to battle tight global supplies amid strong energy demand.
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OPEC President Purnomo Yusgiantoro said on Friday he was concerned with the continuing rise in global oil prices, but the cartel had not yet seen a cost-driven increase in inflation.
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VIENNA : OPEC insisted that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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New Delhi: Prices of petrol, diesel and kerosene will remain unchanged for another fortnight as the Government on Sunday directed oil companies to put on hold any plans for the price hike.
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OPEC ministers are increasingly convinced that current high prices are not hurting global economic growth.
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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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As crude oil beat records every day in August, the Organization of Petroleum Exporting Countries (OPEC) tried to persuade markets that it was working hard to get prices down.
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VIENNA -- Consumers received no solace yesterday from OPEC, which said oil prices near $50 per barrel would remain high through the spring, even as the cartel decided to keep its production ceiling unchanged.
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OPEC met on Monday against the backdrop   of a $13 fall in the oil price since mid-July but ministers   said they were unlikely to tamper with output ahead of peak   winter demand and with supply worries ever present.
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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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The Indian government says it&#39;ll keep the retail cost of petrol and diesel steady despite rising global crude oil prices. The announcement follows a series of weekend meetings between Prime Minister Manmohan
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Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah has said that OPEC countries were &quot;satisfied&quot; with the current price of oil but were concerned about stocks.
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Ministers of the Organisation of Petroleum Exporting Countries expect oil prices to rise this week as they plan to demonstrate that they are serious about implementing