NEW
YORK, Dec. 14 (Xinhua) -- Crude oil prices rose above 62 dollars on Thursday
after the Organization of Petroleum Exporting Countries said it would reduce its
daily oil production by 500,000 barrels with effect from Feb. 1, 2007.
New York's main contract, light sweet crude for
delivery in January, rose 1.14 dollars to close at 62.51 dollars per barrel.
In London, Brent North Sea crude for January delivery
climbed 79 cents to close at 62.12 dollars.
OPEC President Edmund Daukoru told a news conference
on Thursday afternoon in the Nigerian capital Abuja that the 143rd OPEC
Extraordinary Conference observed that market fundamentals indicated that there
was ample crude supply, high stocks levels and increasing spare capacity to
justify further reduction in the organization's crude oil production.
With the new production cut, OPEC's total production
level willdrop from 26.3 million bpd to 25.8 million bpd.
He said the conference also noted that the global
economy is projected to slow down in 2007, while world oil demand is estimated
to increase by 1.3 million barrels by next year.
Wall street trades at record high as
OPEC postpones its output cut
NEW
YORK, Dec. 14 (Xinhua) -- U.S. stocks rose at a record high Thursday morning as
the Organization of Petroleum Exporting Countries (OPEC) delayed its output cut.
OPEC decided to leave its output unchanged now but will
lower its production by 500,000 barrels per day from February 1. Full Story
Oil prices keep dropping amid dispute
in OPEC
VIENNA, Dec. 13 (Xinhua) -- The Organization of Petroleum
Exporting Countries (OPEC) daily average crude oil prices dropped to 57.41 U.S.
dollars per barrel on Tuesday, 0.33 dollars lower than the prices in the
previous day, the cartel's secretariat said on Wednesday.
Due to the increase in international crude oil inventories
and calm winter in the Northern Hemisphere, the OPEC daily oil prices lost its
driving impetus since it reached the highest point in the last two and a half
months by 59.70 U.S. dollars per barrel on Dec. 4. Full Story
OPEC to decide on possible production
cuts
ABUJA, Dec. 13 (Xinhua) -- OPEC members have not reached a
consensus on possible production cuts and the decision is dependent on the
report of its ministerial monitoring council, the organization's president
Edmund Daukoru said here on Wednesday.
The OPEC president told reporters at the Abuja venue of
the organization's ministerial conference, which will formally open on Thursday,
that if the market remains "soft" and the over supply persist, the organization
would agree for a definite production cut. Full Story
