Opec to raise output ceiling issue in Sept 15 meeting
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JAKARTA: Opec wants a faster retreat in oil prices and will discuss whether to raise its official oil output ceiling at its September 15 meeting, cartel president Purnomo Yusgiantoro said on Thursday.
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NEW YORK - Oil and gas futures rose yesterday on expectations the hurricane season will intensify and OPEC won't raise output when it meets next week.
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OPEC President Purnomo Yusgiantoro said on Thursday that OPEC should continue to produce above its official ceiling rather than tighten output to support prices.
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OPEC on Wednesday agreed to lift formal  output quotas by one million barrels a day, four percent, to 27  million barrels a day, an OPEC delegate said.
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HOUSTON, Dec. 10 -- Energy prices continued to climb Thursday in anticipation that members of the Organization of the Petroleum Exporting Countries would at least curb overproduction at their meeting Friday in Cairo.
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Jakarta - Opec production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president said Monday.
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Oil prices rise on speculation that producer cartel Opec may unveil  cuts in output at its December meeting.
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U.S. crude price could top $90 a  barrel this autumn and hit $95 by the end of the year if OPEC  keeps oil production capped at current levels, Goldman Sachs  said in a report issued on Monday.
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OPEC members were divided yesterday on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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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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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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Oil group Opec is expected to maintain its output quotas at a meeting on Monday, even as prices have been falling.
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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts dismissed as symbolic because the cartel already is pumping more than its new target.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from an immediate cut that risks pushing up prices and damaging economic growth.
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OPEC decided at its ministerial meeting here Wednesday to increase its oil production ceiling by 1 million barrels a day beginning Nov. 1, but the decision will have little real impact on the high oil prices.
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OPEC oil producers meeting here this week are likely to clamp down on excess supply has that helped lower prices from record highs and will discuss how much to raise their price target, cartel officials said yesterday.
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Prices of crude oil on the world market will go up after the Organization of Petroleum Exporting Countries (OPEC) decided Friday to cut oil production by1 million barrels a day, said a Mexican analyst on Sunday.