Top OPEC minister says supply no worry
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CAIRO, EGYPT - OPEC&#39;s top producer, Saudi Arabia, on Wednesday said the cartel&#39;s Friday meeting aims to steady falling oil prices and played down fears among fellow members of a supply surplus.
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OPEC is unlikely to change production at   its meeting this month and, due to high prices, is likely to   continue supplying the market more than demand, Iran's OPEC   governor Hossein Kazempour Ardebili said on Saturday.
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Top oil exporter Saudi Arabia vowed  Sunday to guarantee world crude supplies and said it would hold  1.5-2.0 million barrels per day of spare production in reserve.
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OPEC has stressed its view that high oil prices were a result of speculation and pledged to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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Oil prices steadied on Friday after a  five percent surge on Thursday as OPEC producers signaled their  readiness to support prices by cutting supply.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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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 oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.
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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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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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OPEC oil producers and Chancellor Schroeder of Germany, which is a prominent consumer, agree that the remorseless rise in the price of crude has so far had little impact on global economic growth.
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VIENNA : OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Top oil exporter Saudi Arabia vowed Sunday to guarantee world crude supplies and said it would hold 1.5-2.0 million barrels per day of spare production in reserve.
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The Organization of Petroleum Exporting Countries is likely to keep production at a 25-year high to prevent shortages during the US winter and lower prices, OPEC officials said.
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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OPEC is pumping near flat out in a bid to drag down oil prices but will not rubber-stamp all its extra output with a big increase in formal supply