Cut by OPEC doesn&#39;t slow the drop in crude&#39;s price
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OPEC, worried by the recent downward spiral of crude prices, agreed to cut production by 1 million barrels a day at a Friday meeting in Cairo, Egypt, but rather than shoring up prices, the action created a sell-off.
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OPEC cannot rule out cutting oil  production if oil prices slide further before the producer  group meets next Friday, a senior OPEC delegate said on Friday.
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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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Oil prices held steady on Friday just hours ahead of a key meeting of the OPEC producers' cartel, which was expected to agree to curb crude output running above the group's official production limits.
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Oil prices edged higher on Friday, ending a three-day losing streak, as dealers weighed OPEC's threat to cut production against healthy supplies of crude and gasoline in the United States, the world's biggest consumer.
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Oil prices held firm on Monday as the  OPEC cartel said it might cut supply as the northern hemisphere  winter draws to a close.
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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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Crude oil prices fell Friday to the lowest in more than four months as traders regarded Organization of Petroleum Exporting Countries&#39;(OPEC) production cut as a too conservative measure.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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OPEC, pumping oil at the fastest pace in 25 years, has little ammunition left to reduce near- record prices at a meeting this week, and some analysts are forecasting crude above $40 a barrel for the rest of the year.
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BEIRUT: As a strategy for rescuing the plummeting price of a barrel of oil, OPEC&#39;s much touted production cut on Friday was about as much use as breaking wind over a field instead of using compost.
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OPEC cannot rule out cutting oil production if oil prices slide further before the producer group meets next Friday, a senior OPEC delegate said on Friday.
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OPEC producers can agree on one thing: High crude oil prices are not their fault. But on Tuesday there were indications that leading members of the oil cartel were looking
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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Oil steadied above $61 a barrel on   Tuesday as producer group OPEC kindled fears of production   cuts, saying oil's recent slide from record peaks had brought   prices too low.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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Oil prices firmed above $47 a barrel  on Friday, bolstered by a tightening outlook for market  fundamentals and concern OPEC may cut its output this spring.