Opec Ups Quotas At Vienna Summit
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Opec has raised its output quotas in an attempt to bring oil prices below $40 a barrel. The cartel of leading oil producers says it will pump another million barrels of crude a day, bringing total output to 27 million barrels a day.
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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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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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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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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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Oil ministers of the 11-member Organization of Petroleum Exporting Countries meet Wednesday in Vienna to discuss the possibility of raising production, which could lower world oil prices.
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VIENNA, Austria - OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit since the beginning of the year.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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No. 1 exporter pledges to hold production levels but is wary of boosting quotas and glutting market. VIENNA  - OPEC is keeping its foot on the production pedal in a bid to drag down oil prices, but
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OPEC sees no reason to change crude output as the nine-month high in oil prices last week was due to U.S. gasoline supply concerns and international political tension, a senior OPEC delegate said on Monday.
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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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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 cartel expected to call for tighter compliance with official quota levels at Cairo meeting. CAIRO  - The OPEC oil cartel is unlikely to lower its official production ceiling when ministers meet
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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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So Opec has raised its members&#39; production quotas once again, and like last time - in Beirut in June - their action did not bring prices down very much.
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Organization of Petroleum Exporting Countries (OPEC) ministers agreed to increase the cartel&#39;s official daily production quota by one million barrels.
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Leading OPEC producer Saudi Arabia said on Monday in Vienna, Austria, that it had made a renewed effort to deflate record high world oil prices by upping crude output again.
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OPEC will mull raising its oil output quota by up to one million barrels per day at a meeting in a largely symbolic gesture as members are already pumping far above the 26 million ceiling.