OPEC maintains oil output for now despite price drop
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OPEC will keep its oil output near a   25-year high despite a $13 fall in the crude price since   mid-July, ministers said on Monday, but the group left the door   open to a supply cut before the end of the year.
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Oil steadied above $62 on Friday,   supported by signals that some OPEC producers may trim output   to stem a price decline caused by ample U.S. inventories.
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OPEC is unlikely to change production at   its meeting this month and, due to high prices, is likely to   continue supplying the market more than demand, Iran's OPEC   governor Hossein Kazempour Ardebili said on Saturday.
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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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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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Oil was steady on Thursday, hovering  nearly $2 shy of its record high of $89 a barrel as one OPEC  minister raised the prospect of another output increase and  U.S. data showed rising inventories and weak demand.
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OPEC is leaning towards keeping oil output steady at its September 11 meeting, ministers said on Monday, wary the U.S. economy may be headed for a slowdown that would undermine forecasts for strong oil demand growth.
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Oil dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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OPEC will keep its oil output near a 25-year high despite a $13 fall in the crude price since mid-July, ministers said on Monday, but the group left the door open to a supply cut before the end of the year.
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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 steadied near $66 a barrel on   Tuesday, with bargain-hunting traders ending a six-day retreat   after Iran sounded a softer note on its atomic programme and   OPEC agreed to keep production steady for now.
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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 stayed well above $64 a barrel on   Thursday as the stand-off over Iran's nuclear program and   concerns over Nigerian supplies due to an oil workers' strike   supported the market.
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Oil prices held steady near &#36;47 on Wednesday, a day after striking another record peak as U.S. inflation stayed in check despite scorching energy costs and ahead of weekly data expected to show a drop in crude stocks.
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US oil prices held steady Tuesday, as OPEC ministers said the market is well-supplied with oil. Bloomberg News Service reports crude oil for future delivery hovered near $43 a barrel, dropping as low as $42.
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Oil prices eased on Friday as OPEC  looked set to keep output unchanged at its meeting this  weekend, although concern ahead of Sunday's election in Iraq  limited the fall.
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Oil prices held steady near $47 on  Wednesday, a day after striking another record peak as U.S.  inflation stayed in check despite scorching energy costs and  ahead of weekly data expected to show a drop in crude stocks.