Fuel prices to rise as OPEC cuts production

OIL cartel Opec agreed today to cut production in a move that is likely to halt the recent slide in UK petrol prices.

Iran leads call for Opec to cut output to boost oil 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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OPEC will cut oil production to stem price fall

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 plays down OPEC's biofuel warning - but markets are rattled

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 threat is mistimed

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.

Opec call Stern Report on climate dangers 'misguided'

THE Stern Report on the dangers of climate change has been branded "misguided" and "alarming" by oil bosses.

Oil price dips below $59 a barrel on OPEC talk

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 set to stick with current oil production

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.

OPEC under pressure after BP woes

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.

Opec cuts oil projection

OIL cartel Opec has shaved its 2006 projection by 60,000 barrels per day (bpd) to 1.

OPEC cuts oil growth forecast

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.

OPEC signals it will keep output steady

OIL cartel OPEC is likely to keep production levels steady when it meets in June - if oil prices remain steady.

Opec trims oil demand forecast

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's world oil demand forecast lifted

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 blames high prices as it lowers target for oil demand growth

OPEC, the world's leading oil cartel, has trimmed its forecast for 2005 world oil demand growth - blaming record high oil prices.

Oil falls as OPEC offers all spare capacity

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.

Burren's magnificent sevenfold rise

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.

OPEC is to blame for fuel rises - Brown

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.

Step up oil supplies to counter soaring fuel bills, ministers urge OPEC

THE Organization of Petroleum Exporting Countries (OPEC) was urged by European ministers at the weekend to boost supplies rapidly to combat soaring fuel bills.

OPEC update

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.

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