OPEC may hold emergency meeting on output cut: Nigeria, Algeria
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OPEC President Edmund Daukoru has said that the international oil cartel might hold an emergency meeting to consider cutting production.
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The OPEC producers' cartel would  consider cutting formal output limits by 1 million to 1.5  million barrels per day (bpd) at its end-January meeting if  U.S. crude prices fall below $40 a barrel, an OPEC source said  on Friday.
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Opec, the oil producers&#39; cartel, has taken the surprise step of urging the US to release stocks held in emergency reserves to calm the frantic crude market.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss new output curbs.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss a further cut in output.
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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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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally on the need to cut output by at least 1 million barrels a 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 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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When asked if OPEC will discuss a possible cut in output in the second quarter of 2005 at its meeting next month in Cairo, OPEC President Purnomo Yusgiantoro said: &quot;We do not know yet.
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Crude oil prices may rise if OPEC ministers meeting in Nigeria this week decide to reduce oil output again because of worries that non-OPEC supplies may rise at a greater rate than  world oil demand in 2007, the U.S. Energy Information Administration warned on Wednesday.
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The OPEC countries are scheduled to meet this week in Cairo to discuss whether the current high in oil production is to be maintained or curtailed.
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(CBS/AP) Juggling between its need to keep prices up without having them explode, OPEC agreed Friday to reduce its daily oil output by 1 million barrels a day - and reserved the right to cut deeper early next year if crude turns much cheaper than now.
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OPEC could be shutting off the spigot on Wall Street's recent record setting rally as a production cut by the cartel has oil prices shooting higher and stocks looking at a difficult open.
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OPEC oil ministers agreed today to cut oil production by one million barrels a day to stem a 24 percent price slide in the past six weeks, and they called for an emergency meeting
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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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OPEC oil producers said on Thursday that  Friday's ministerial meeting would focus on cutting back  oversupply to support falling prices and that producers would  have to reduce output quotas early next year.