OPEC May Cut Output Ceiling in January
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OPEC ministers were unclear on how the cuts would be distributed. Only seven of the 10 members subject to quota had been asked to reduce supplies.
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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 producing cartel Opec will cut back on over-production early next year to prevent a further fall in prices, Kuwait&#39;s oil minister has said.
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VIENNA OPEC oil ministers are meeting on Wednesday in Vienna to consider changes to the group&#39;s formal output ceiling even as crude prices remain high despite the cartel&#39;s efforts to lower them.
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By Peg Mackey and Francois Murphy CAIRO  - OPEC oil producers said on Thursday that Friday's ministerial meeting would focus on halting oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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Oil gained nearly $1 to trade above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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OPEC might make deeper cuts in production if prices continue to slide, Gulf oil ministers said Saturday, a day after crude prices tumbled to their lowest levels in five months when producers decided to limit supply by 1 million barrels a day.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss new output curbs.
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Opec looks set to agree a cut in the rampant quota-busting, which its members say has caused oil prices to fall in recent months.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from an immediate cut that risks pushing up prices and damaging economic growth.
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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Oil prices fell to four-month lows on Friday even though the Organization of Petroleum Exporting Countries moved to curb production above its official 27 million barrel-per-day output ceiling.
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Crude futures rose Friday amid market jitters over possible production cuts by OPEC at their meeting in Egypt, as well as fears that winter weather will put pressure on supplies.
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When asked if OPEC will discuss a possible cut in output in the second quarter of 2005 at its meeting next month in Cairo, OPEC President Purnomo Yusgiantoro said: &quot;We do not know yet.
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OPEC may soon have to curtail output to end a six-week slide in prices and prevent inventories from increasing, officials from Libya and Indonesia said.
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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal