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2008-12-16 14:02:31

Saudi Arabia's oil minister said Tuesday that the Organization of Petroleum Exporting Countries would cut production by 2 million barrels a day. Supply is somewhat in excess of demand. Inventories are also higher than normal, Ali al-Naimi, the Saudi minister, said as he arrived in Algeria for the OPEC meeting which begins Wednesday, The New York Times reported. To bring things in balance there will be a cut in production of about 2 million barrels, he said. OPEC has also appealed to oil...

2008-12-15 13:24:25

The president of the Organization of Petroleum Exporting Countries oil cartel said its members were unanimous in agreement to cut production. Two days before OPEC members were scheduled to meet in Oran, Algeria, President Chekib Khalil said Monday that world oil supply had overwhelmed demand and the market is saturated, the Kuwaiti news agency KUNA reported. He said oil prices, currently at about $48 per barrel, would have fallen to $10 per barrel had the cartel not cut production in...

2008-12-13 12:38:51

A Kuwaiti oil expert says OPEC needs to cut production by another 1.5 million to 2 million barrels a day to pressure prices back to a profitable level. OPEC's decrease of 1.5 million barrels a day, which took effect Nov. 1, has proved insufficient, Musa Maarafi, who sits on Kuwait's oil advisory board, told the al-Kabas newspaper in a story published Saturday. OPEC -- the Organization of Petroleum Exporting Countries -- is to meet in Algeria Dec. 17 to discuss further reductions, RIA Novosti...

2008-12-11 16:50:09

Russian President Dmitry Medvedev said Russia would consider cutting oil production and was ready to join the world's largest oil cartel. I would like to say that we are ready for that, Medvedev said about the possibility of joining the Organization of Oil Exporting Countries, RIA Novosti reported Thursday. Medvedev, speaking at a conference on socio-economic development in the Urals, said Russia would also protect ourselves ... and such protective measures could also be connected with...

2008-11-29 05:42:55

Members of the Organization of Petroleum Exporting Countries, meeting Saturday in Cairo, say the informal talks are unlikely to result in production cuts. Any such move to deal with the plunging price of oil -- $147 per barrel in July and now hovering around $50 -- probably won't be made until a larger round of talks are held next month in Algeria, oil ministers told the BBC. OPEC leaders say they need more time to study quickly changing data, which continue to show a plunging demand...

2008-11-27 07:23:25

Crude oil prices fell Thursday morning on the New York Mercantile Exchange although investors remain wary that OPEC may cut production soon. Members of the Organization of Petroleum Exporting Countries, OPEC, were scheduled to meet Saturday in Cairo. In October, OPEC oil ministers agreed to cut production by 1.5 million barrels a day to shore up prices, which have remained near $50 per barrel since. Crude prices Thursday fell $1.43 to $53.01 per barrel. Heating oil prices fell 0.0307 cents to...

2008-11-26 13:56:15

The president of the Organization of Petroleum Exporting Countries said that production cuts would be considered in unofficial meetings in Cairo this week. Chakib Khelil, president of OPEC and the Algerian Minister of Energy and Mines, said Saturday's meetings would have crude oil production cuts on the agenda, the Kuwait News Agency reported Wednesday. OPEC trimmed production by 1.5 million barrels a day in October in an effort to prop up oil prices, which have fallen to under $50 a barrel...

2008-11-10 15:00:21

December may be too early for the Organization of Petroleum Exporting Counties ministers to decide on production cuts, a Libyan oil official says. OPEC members cut production by 1.5 million barrels a day in October to prop up prices as world demand has fallen in a time of floundering economies. Recently, OPEC President Chakib Khelil said the oil producers' target prices for was $70 to $90 per barrel, the Mediterranean Basin Newsline reported. But Shukri Ghanem, chief executive officer of...

2008-10-31 15:00:23

Nigerian oil officials claim the country's reduced oil output dictated by the Organization of Petroleum Exporting Countries was based on faulty data. The Nigerian National Petroleum Corp. has already scheduled shipping reductions as it aims to comply with the OPEC mandate to trim production by 113,000 barrels a day -- about 5 percent of its output. But, senior staff at the Energy Ministry questioned OPEC on the mandate, The Guardian reported Friday. Oil Ministry officials said OPEC used...

2008-10-29 09:00:29

In order to control the plunging petrol price, the Organization of Petroleum Exporting Countries has decided to decrease the current OPEC-11 production ceiling of 28.808 million barrels a day by 1.5 million barrels a day, effective November 1, 2008. The member countries of the Organization of Petroleum Exporting Countries (OPEC) have reportedly emphasized their commitment to ensure that the volumes they supply to the market are reduced by the individually agreed amounts. This decision...