OPEC Blames Rising Oil Prices on Unrest
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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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As crude oil beat records every day in August, the Organization of Petroleum Exporting Countries (OPEC) tried to persuade markets that it was working hard to get prices down.
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Oil prices rise above $71 a barrel as fears intensify over Mid-East instability and insufficient supply in the US.
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Business & money: Nigerian strike and Iran worries add to pressure as cost of crude oil rises to its highest level this year.
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Global oil prices rise as Venezuela and Nigeria say they are cutting production.
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Oil prices raced to new record highs  above $50 on Tuesday, despite a pledge by OPEC producer Saudi  Arabia to increase production, as rebel threats against  Nigerian oil facilities threatened to inflict further strain on  global supplies.
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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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Oil rose on Monday, nearing $91 a barrel, with prices supported by the closure of Mexico's oil export terminals due to bad weather, as well as OPEC's dismissal of calls to raise output.
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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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Oil prices surge over $76 barrel amid growing concern that unrest in Nigeria will damage exports.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.
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Two OPEC members are pledging to increase supply or boost reserves as oil prices spiral higher, according to media reports Sunday.
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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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WASHINGTON -- Oil prices edged higher yesterday amid violence in Nigeria and concerns that OPEC may reduce output when it meets next week, but buying was kept in check by forecasts calling for warmer US weather next week.
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OPEC is united on the need to raise its oil price target to an average $30 a barrel, but the cartel has yet to agree on when to implement the higher level, a top Iranian oil official said on Thursday.
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Top oil-producing countries have blamed the advance of crude prices toward $100 a barrel on financial speculation, geopolitical instability and a shortfall in refining capacity.