OPEC to Lift Oil Output Modestly
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OPEC said it will increase production by 500,000 barrels a day, but oil futures nonetheless surged to a record close.
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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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Oil prices are rising as hopes of a rise in production from next week's Opec meeting dwindle.
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OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given
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VIENNA -- OPEC, the producer of 41 percent of the world's oil, probably won't cut output at a meeting here this week as mounting tensions between the United States and Iran bolster prices.
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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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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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SINGAPORE, DEC 6: Oil prices inched up from a three-month low on Monday as traders caught their breath after last weekâs 14% dive and considered a possible output reduction at Opecâs upcoming meeting.
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OPEC on Wednesday agreed to lift formal  output quotas by one million barrels a day, four percent, to 27  million barrels a day, an OPEC delegate said.
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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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TEHRAN/LONDON  - OPEC officials lined up to say the exporter group could do little to tame oil prices that hit $100 a barrel for the first time on Wednesday and world markets had enough crude oil.
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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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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 is pumping near flat out in a bid to drag down oil prices but will not rubber-stamp all its extra output with a big increase in formal supply
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a big increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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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.