OPEC may lift oil price target
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After hovering above $22 for months, cartel looks to adjust range to $28 to reflect soaring prices. SYDNEY  - OPEC may set a new target range for oil prices next week and would like to see crude down
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Local analysts said the jump in world oil prices, if sustained, could push up petrol prices another 42c/l in coming months, boosting inflation and slowing down spending in the economy.
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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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Indonesia is likely to ask the Organization of Petroleum Exporting Countries (OPEC) during its scheduled meeting later this week to revise upward its crude oil price band so
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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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OPEC may resist calls to raise oil output quotas much, if at all, when it meets this week for fear of turning a decline from record prices into a rout.
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VIENNA, Austria -- Oil prices rose above $62 a barrel Thursday as OPEC delegates said they had agreed in principle to leave production unchanged for now but set the stage for a likely cut of half a million barrels a day in February.
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Crude oil prices rose for the second day Thursday as traders worries that the Organization of Petroleum Exporting Countries (OPEC) might trim excess oil output.
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US light crude jumps back above $42 a barrel as cartel prepares to meet to debate output. CAIRO  - Oil prices rose Thursday as OPEC producers debated whether the recent tumble in prices was severe
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Oil prices rose off three-month lows yesterday, after an attack on the US consulate in Saudi Arabia and reports of an OPEC pledge to raise its minimum price target.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target.
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Global oil prices edge up in early Thursday trading ahead of a key meeting by oil producers group Opec.
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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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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  that could drain healthy U.S. stockpiles before summer.
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OPEC may decide to increase oil output  at its February 1 meeting in Vienna if supply is not  sufficient, Indonesia's OPEC governor told Reuters on Thursday.
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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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OPEC may resist calls to raise oil  output quotas much, if at all, when it meets this week for fear  of turning a decline from record prices into a rout.