Update 1: OPEC May Consider Further Production Cuts
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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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OPEC oil producers on Saturday said they  had already moved to rein in excess supply, a day after doubts  over the group's resolve to cut sent prices into a tailspin.
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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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OPEC could be shutting off the spigot on Wall Street's recent record setting rally as a production cut by the cartel has oil prices shooting higher and stocks looking at a difficult open.
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Oil cartel expected to call for tighter compliance with official quota levels at Cairo meeting. CAIRO  - The OPEC oil cartel is unlikely to lower its official production ceiling when ministers meet
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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The OPEC producers' cartel would  consider a cut to formal output limits of 1-1.5 million barrels  per day (bpd) at its end-January meeting if U.S. crude prices  fall below $40 a barrel, an OPEC source said on Friday.
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Saudi Arabia and other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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(CBS/AP) Juggling between its need to keep prices up without having them explode, OPEC agreed Friday to reduce its daily oil output by 1 million barrels a day - and reserved the right to cut deeper early next year if crude turns much cheaper than now.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut production by at least 1 million barrels per day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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LONDON  - Oil prices rebounded on concerns that OPEC producers might announce a surprise cut in output quotas when they meet later this week, following a recent market sell-off, analysts said.
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The falling dollar is increasing the chances of a cut in output by oil producers' group Opec at its meeting later this month.
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OPEC President Edmund Daukoru has said that the international oil cartel might hold an emergency meeting to consider cutting production.
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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 yesterday.
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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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CAIRO After producing at close to full capacity for several months in a bid to drive crude oil prices down from record levels, OPEC ministers are now considering production cuts to prevent a slump in prices as demand slows next year, OPEC officials and