OPEC approves cutting oil production (updated AM 00:32)
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Gulf oil ministers on Saturday shrugged off a sharp decline in oil prices, saying the market&#39;s reaction to OPEC&#39;s decision the day before to reduce output by 1 million barrels was normal.
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Saudi Arabia&#39;s oil minister said Wednesday that he was happy with OPEC&#39;s current output, while his Libyan counterpart called for a production cut.
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Opec&#39;s decision yesterday to cut overproduction demonstrated that the world&#39;s biggest oil cartel will defend oil prices that are well above its official price range.
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Oil prices jumped almost $1 to more than $62 a barrel this afternoon after the Organization of Petroleum Exporting Countries announced plans to cut production by 500,000 barrels a day.
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OPEC is discussing an oil output cut of up to 500,000 barrels per day, delayed until February1 when the northern winter is ending, delegates said on Thursday.
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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, 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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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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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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Oil supply fears eased slightly on  Wednesday as OPEC hiked production quotas by 1 million barrels  a day, balancing risks from Hurricane Ivan that has temporarily  closed 60 percent of Gulf of Mexico crude output.
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THE Organisation of Petroleum Exporting Countries (OPEC) is hiking its official output by one million barrels per day effective November with Nigeria getting 82,000 barrels per day or 8.2 per cent of the new quota.
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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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OPEC decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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The cartel moves to cut production, which could end recent declines in petroleum prices.