OIL cartel Opec agreed today to cut production in a move that is likely to halt the recent slide in UK petrol prices.
OIL prices hovered above Wednesday's 16-month lows yesterday as traders gambled on the world's oil-rich nations ordering a cut in production.
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PRODUCTION cartel Opec announced today it planned to curb output by more than half a million barrels as oil prices slid to their lowest levels since April.
CITY oil analysts yesterday played down OPEC's shock warning on Tuesday that if the West accelerated its move to biofuels to combat climate change it could send the price of oil "through the roof".
OPEC's warning that if the West accelerates its efforts to develop biofuels as an alternative energy source it may send the price of oil "through the roof" is good scimitar-rattling stuff.
THE Stern Report on the dangers of climate change has been branded "misguided" and "alarming" by oil bosses.
OIL prices have fallen below $59 a barrel over doubts whether members of the OPEC producers' cartel would follow Saudi Arabia's lead and curb output.
OPEC ministers said yesterday they were unlikely to tamper yet with an output policy that is steering oil prices downwards, easing pressure on consumer economies, but still bringing in billions of dollars for producers.
THE world can cope for now with the loss of about 1 million barrels per day of oil from Alaska and Nigeria, but the pressure is on exporter group OPEC to fill the gap, the International Energy Agency said yesterday.
OIL cartel Opec has shaved its 2006 projection by 60,000 barrels per day (bpd) to 1.
OIL cartel Opec has revised downwards its 2006 world oil demand growth forecast to 1.43 million barrels per day from 1.46 million bpd, according to its March oil market report.
OIL cartel OPEC is likely to keep production levels steady when it meets in June - if oil prices remain steady.
OPEC has trimmed its 2006 world oil demand growth forecast, and warned that uncertainty over consumption in North America and Asia could lead to a further downward revision.
OPEC has nudged up its world oil demand forecast for 2006, adding that a brighter economic outlook and vigorous growth in developing countries had demolished the case that high prices were destroying demand.
OPEC, the world's leading oil cartel, has trimmed its forecast for 2005 world oil demand growth - blaming record high oil prices.
OIL fell back towards $65 yesterday after surging 7 per cent overnight Monday - the biggest one-day gain on record - as OPEC offered all its spare production in a bid to dampen prices that have risen 50 per cent so far this year.
OIL explorer Burren Energy has reported a near sevenfold rise in first-half net profits, on the back of higher production and soaring oil prices, and unveiled an invigorated exploration programme.
GORDON Brown, the Chancellor, will this week try to head off the prospect of nationwide fuel protests by blaming international oil producers for the soaring prices that have infuriated British motorists.
THE Organization of Petroleum Exporting Countries (OPEC) was urged by European ministers at the weekend to boost supplies rapidly to combat soaring fuel bills.
OIL cartel OPEC has nudged up its forecast for world oil demand growth in 2006, and predicted OPEC supplies would have to offset lower-than-expected output from non-OPEC countries.