OPEC Warns Oil Supply Cuts Needed for &#39;05
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OPEC oil producers said on Thursday that Friday&#39;s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers
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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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OPEC also called for an emergency meeting next month as it tries to stem a recent slide in oil prices.
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Crude oil fell as OPEC President Purnomo Yusgiantoro said the group may raise its spare production capacity to as much as 2.5 million barrels a day by the end of this year, reducing concern about shortages.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand, cartel ministers said on Saturday.
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The Organization of Petroleum Exporting Countries (OPEC) is likely to keep production close to a 25-year high to prevent shortages during the US winter, OPEC officials said.
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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, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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Crude oil futures would need to fall to about $37 a barrel before OPEC decides to cut production, according to a person familiar with the thinking of the cartel's top officials.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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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.
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Saudi Arabia and some other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, a delegate said on Thursday, sending oil prices more than a dollar higher.
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OPEC Friday agreed to cut oil production by about 4 percent in an effort to prop up falling prices.
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Iran could scrap a plan to ration petrol that was expected to have a profound impact on the economy of OPEC&#39;s number two oil producer, the head of parliament&#39;s energy committee said on Sunday.
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International oil markets have enough  oil, but a lack of capacity to refine it was contributing to  high prices, OPEC&#39;s president told reporters on Sunday.
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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.