Peace &#39; key&#39; to lower oil prices
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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London: Oil prices hovered below recent record highs today after intervention by the Norwegian government to end industrial strife in the worldâs third-biggest oil exporter took some heat out of feverish markets.
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Oil prices continued to sink on Thursday as supply worries eased further on hopes that a tentative peace deal with Iraqi Shi&#39;ite fighters will decrease the threat of disruption to the country&#39;s revived oil exports.
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Brent hits 3-week low as Sistani enters Najaf with peace plan, big-money funds take profits. SINGAPORE  - US light crude prices fell below $43 a barrel Thursday, extending heavy losses to a fifth
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LONDON - Oil prices eased on Monday as top world exporter Saudi Arabia slashed prices for its westbound crude sales in an effort to shift the large volumes it is offering to cool world markets.
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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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The Organization of Petroleum Exporting Countries wants oil prices to fall faster to an ideal price of around US$30 a barrel, and will discuss whether to increase production at a meeting next month, the group&#39;s president said Thursday.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.
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OPEC ministers have agreed to cut back crude oil production by 1 million barrels a day in an effort to halt a decline in oil prices.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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Oil prices have fallen in recent weeks from record highs, relieving the anxieties of consumers and economists alike. However, OPEC recently signaled that it&#39;s not ready for the price of black
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CARACAS -- The Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's oil, will address possible oil output reductions when members meet in Nigeria Dec. 14, Rafael Ramirez, Venezuela's oil and energy minister, said yesterday.
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OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.
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A top European Union economic official Friday played down the impact of rising oil prices on the bloc&#39;s economic recovery.
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Oil may cost as much as 10 percent less next year if US Democratic challenger Senator John Kerry defeats President Bush in Tuesday&#39;s election, some energy analysts said on Monday.
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&quot;There must be a significant reduction in geopolitical tensions&quot; in order for oil prices to stabilize, says OPEC President Purnomo Yusgiantoro.
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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.