OPEC Cut Will Be 1 Million Barrels per Day
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Iraq isn&#39;t part of its quota system -- pump about 1.1 million barrels a day over their agreed 27 million barrels a day target, leaving them room to cut production without adjusting the target.
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JAKARTA  - Worldwide demand for oil is expected to drop by about one million barrels per day by the second quarter of 2005 after the northern hemisphere&#39;s winter season ends, OPEC&#39;s president said.
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OPEC will increase its official oil production target by one million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit all year.
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OPEC on Wednesday lifted oil supply  quotas by one million barrels a day, four percent, in a renewed  bid to force down stubbornly high world crude prices.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.
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ABUJA, Nigeria -- OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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Major Gulf producer Kuwait will back  a hike of 1 million barrels per day in OPEC's output ceiling if  oil prices stay at record levels, a move that would bring  formal production limits in line with actual supplies.
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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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A meeting of the Organization of Petroleum Exporting Countries (OPEC) has resulted in an increase of the cartelâs official oil production ceiling by one million barrels per day (bpd).
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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 oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. The decision in Cairo Friday comes amid a drop in oil prices from an all-time high of more than $55 in mid-October to more than $40 now.
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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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Oil ministers agreed today to cut production by one million barrels a day to stem a 24 percent price slide in the past six weeks.
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DUBAI/ABUJA  - 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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OPEC was to consider raising its oil output quota by up to 1 million barrels per day at a meeting here yesterday in a largely symbolic gesture, since members are already pumping far above the 26 million ceiling.
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Major Gulf oil producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if crude prices remain at record levels, a move that would bring the cartel's formal production limits in line with actual supplies.
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Oil held below $60 on Thursday, paring some gains after leaping more than 1 percent on a newspaper report that OPEC members had agreed informally on the need to slash daily output by at least 1 million barrels.