OPEC chief calls for more oil supply cuts
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OPEC President Edmund Daukoru on Tuesday called on other members of the oil exporting group to join Nigeria in reducing supply to world markets.
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OPEC&#39;s president said yesterday the United States should tap into its emergency petroleum reserve to help lower oil prices. &quot;We have asked [the United States] to use their oil reserves
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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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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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OPEC oil producers on Thursday weighed up whether heavy recent price falls were severe enough to warrant cutting back excess supply at Friday's ministerial meeting.
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Kuwait on Tuesday called on OPEC to raise official oil production quotas by a token 500,000 barrels a day to help further calm world oil markets.
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ENERGY Secretary Vincent Perez urged oil companies to cut their retail prices in two weeks following the Organization of Petroleum Exporting Countries&#39; (OPEC) decision to raise production quotas by a million barrels a day starting November 1.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally on the need to cut output by at least 1 million barrels a 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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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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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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JAKARTA The Organization of Petroleum Exporting Countries has called on the United States to dip into its strategic petroleum reserve to help deflate oil prices, the cartel&#39;s president said Wednesday.
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OPEC's president has taken the  unprecedented step of urging the United States to tap its  emergency crude reserves to bring down world oil prices.
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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 Thursday.
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OPEC production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.
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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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LONDON  - Oil prices eased further on Tuesday, as the head of OPEC cartel said that markets were well-supplied with crude and traders continued to take profits from this year's 40 percent rally.