OPEC Sets Reduction in Output
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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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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Oil fell more than a dollar to below $62 a barrel on Monday as healthy fuel inventories in top consumer the United States countered plans by OPEC members Nigeria and Venezuela to trim output.
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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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ABUJA/LONDON  - OPEC President Nigeria called on its fellow OPEC countries to make deeper output cuts on Tuesday as prices tumbled to an 8-month low below $59 a barrel and the tide showed no sign of turning.
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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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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 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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Iran, OPEC's second-biggest producer,  will comply with the cartel's decision to curb excess output  and pump crude oil at its official quota, an official said on  Wednesday.
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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 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, the producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent in a bid to prop up prices after the biggest drop in three years.
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OPEC oil producers were poised on Friday to stamp out excess supply that has lowered world prices from record highs.
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OPEC's president and oil powerhouse Saudi Arabia stepped back from direct calls to slash output yesterday, the eve of the group's year-end meeting, in potential good news for consumers worldwide.
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Several key OPEC producers including  Saudi Arabia, Kuwait and Nigeria have agreed to trim oil supply  from October 1 under an unofficial deal to stem falling prices,  a Nigerian oil industry source said on Thursday.
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VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers decided to keep output at present levels at their meeting Friday out of fear that a softening global economy will translate into weakened demand.
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OPEC, seeking to stem a two-month slide in oil prices, said yesterday Venezuela and Nigeria would cut crude production by a combined 170,000 barrels a day.