OPEC Poised to Stamp Out Excess Supply
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OPEC oil producers were poised on Friday to stamp out excess supply that has lowered world prices from record highs.
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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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VIENNA  - There is no need to put more oil on the market as it is well-supplied, Iranian Oil Minister Bijan Namdar Zangeneh said here on Tuesday on the eve of an OPEC meeting.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  ahead of the second quarter that could drain healthy U.S.  stockpiles before summer.
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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OPEC was meeting on Tuesday to consider  a modest rise in oil output proposed by Saudi Arabia and other  Gulf Arab states in a gesture to consumers worried by the  economic impact of $77 oil and rapidly diminishing stocks.
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Iran, OPEC's second-biggest producer,  will comply with the cartel's decision to curb excess output  and pump crude oil at its official quota, an official said on  Wednesday.
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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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After producing at the fastest pace in 25 years, the cartel is ready to cut back, but just a bit. CAIRO, Egypt  - Oil prices rose Friday as OPEC oil producers were poised to stamp out excess supply that has lowered world prices from record highs.
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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal
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OPEC vowed Sunday to do what it can  to deflate record high oil prices that have soared above $53 a  barrel, and top exporter Saudi Arabia promised to keep the  world supplied with as much oil as it needs.
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OPEC was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of $77 oil and rapidly diminishing stocks.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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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 will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.