OPEC Says It Will Cut Output, And Price of Oil Climbs Sharply

Article Abstract:

The Organization of Petroleum Exporting countires announced it will cut oil production by 3.5 percent on Nov. 1, as industrialized countries head into winter with demand for heating oil on the rise. The slow global economy and rising production in non-OPEC countries were the official reasons for the cut, but it is widely seen as a political move aimed at demonstrating how much power OPEC still wields in the world's most oil-rich region.

Government expenditures, World, Economic policy, Natural gas, Petroleum, Gas industry

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OPEC Raises Output Ceiling In Gesture To Lower Price

Article Abstract:

The Organization of Petroleum Exporting Countries decided to raise its formal production ceiling, but the decision will have no effect on the current oil market, as most countries are already producing near capacity and above their existing quotas.

Commodity & service prices, Prices and rates, Company pricing policy

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OPEC to Put Formal Lifting Of Output On the Table

Article Abstract:

OPEC is considering raising it's recommended production ceiling, which would do little to lower the price of oil as most countries are already producing near capacity, but would acknowledge an existing situation.

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