OPEC says speculation to blame for high oil prices
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OPEC has stressed its view that high oil prices were a result of speculation and pledged to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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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 fell sharply on Wednesday  after the head of producer group OPEC said the market was  oversupplied, outweighing worries that powerful Hurricane Ivan  could disrupt U.S. offshore oil and gas production in the  coming days.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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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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When the secretary general of the Organization of the Petroleum Exporting Countries spoke in London in October 2003, he advocated moderation in oil prices, sounding a familiar OPEC theme that extremely high prices could drive off consumers.
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OPEC oil producers have said they will rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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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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Oil prices were forced higher today by an outbreak of violence in Saudi Arabia and concerns that Opec may cut output. The cost of a barrel of light, sweet crude oil climbed
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The spike in oil prices in recent months is stoking heated arguments between market players, who blame each other for the lack of production capacities that has been exposed by strong global demand.
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OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.
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The price of oil jumped above $48 a barrel Monday on concerns about tight winter fuel supplies mixed with speculation that OPEC may scale back output.
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VIENNA: The spike in oil prices is stoking heated arguments between market players, who blame each other for lack of output capacities that has been exposed by strong global demand.
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Oil prices fell on Monday, on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.
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MARK COLVIN: The president of the world&#39;s most influential oil cartel, OPEC, confirmed today that oil prices were being bumped up by what&#39;s known in the business as a &quot;political premium&quot;.
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OPEC producers can agree on one thing: High crude oil prices are not their fault. But on Tuesday there were indications that leading members of the oil cartel were looking
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The Opec oil cartel chief reportedly warns that biofuel investment could push oil prices "through the roof".