OPEC May Reduce Production
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CAIRO, Dec. 8 -- Saudi Arabia's oil minister said Wednesday that he was happy with OPEC's current output, while his Libyan counterpart called for a production cut.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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The two OPEC members said today that they would voluntarily cut production in response to declining crude oil prices.
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The oil producing OPEC cartel Monday began reducing its oil output to maintain prices around current levels, the Wall Street Journal reported.
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BEIRUT: As a strategy for rescuing the plummeting price of a barrel of oil, OPEC&#39;s much touted production cut on Friday was about as much use as breaking wind over a field instead of using compost.
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Oil producing cartel Opec is to cut back on over-production in a bid to halt declining prices, Kuwait's oil minister says.
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After pumping oil at close to full capacity for several months in a bid to bring prices down from record levels, OPEC ministers said Thursday that they were considering curbing
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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With crude oil prices drifting down to as low as $ 41 per barrel, OPEC is expected by many observers to slash production, when it meets on Friday.
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ABU DHABI/VIENNA  - OPEC is concerned by the fall in the dollar and the producer group will take up the issue when it meets next week to chart supply policy.
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The Organization of the Petroleum  Exporting Countries (OPEC) has agreed informally the need to  cut production by at least 1 million barrels per day (bpd) to  keep the price of its crudes above $50-$55, the Financial Times  reported on Thursday without naming sources.
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' purchasing power and ministers will take up the issue when they meet next week to discuss new output curbs.
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SINGAPORE/LONDON  - Oil eased below $63 a barrel on Monday as investors weighed plans by OPEC members Nigeria and Venezuela to trim output against healthy inventories in top consumer the United States.
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DOHA - Opec producers are enjoying less of a windfall than US$50 ($70) oil prices suggest, as big discounts for their lower-quality crude and a weak dollar hit export earnings, Opec officials say.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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Oil prices turned lower Monday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.