OPEC unexpectedly decides to keep output unchanged keeps News Hub Grapples with Oil Output Keeps Lid on Production Targets surges as maintains production level Unable Reach Consensus Quotas ElBadri Says AM Report Boost Could Ease Gas Prices ministers meet likely raise crude ease concerns about high prices increase oil Stocks Fall Yen Gains Economy Concern; Commodities Drop CGES's Takin Expects Increase Moves Shrouded in Mystery falls near $98 weighs hike Europe amid signs ready quota

OPEC unexpectedly decided to leave its production levels unchanged on Wednesday, with senior officials saying their meeting ended in disarray _ a stunning admission for an organization that places a p OPEC says it has decided to maintain output levels, with the option of meeting within the next three months for a possible production hike. WSJ's Brian Baskin details OPEC oil ministers debating over increasing oil output. Photo: JOE KLAMAR/AFP/Getty Images Over the objections of Saudi Arabia, OPEC decided on Wednesday to maintain its crude oil output levels and meet again within three months to discuss a possible production increase. share: digg facebook twitter NEW YORK (AP) — Oil prices are surging above $100 per barrel after OPEC unexpectedly announced that it will keep production levels where they are. Increased global demand combined with violent uprisings in oil-rich countries of North Africa and the Middle East forced crude prices 25 percent higher from January to April. OPEC ministers were unable to reach a decision on production quotas at their meeting in Vienna today, the group's secretary general Abdalla el-Badri said. WSJ's Brian Baskin details disagreements inside OPEC on the prospects of boost oil production, which could result in lower gas prices at the pump. The News also covers Fed Chairman Ben Bernanke's grim economic outlook. AP Photo/Amy Sancetta, file VIENNA — OPEC was expected to raise crude production levels at a meeting on Wednesday, with several delegates following Saudi Arabia's lead in favoring a hike to lower high oil prices and protect demand in countries facing a global slowdown. The 11 OPEC members under production quotas are already exceeding them. Their output is an estimated 26.15 million barrels daily — about 1.3 million barrels above the daily overall OPEC production target of 24.85 million barrels a day agreed two years ago. That sets the stage for what would be a relatively painless decision — the meeting could opt to raise the output ceiling to actual production levels of around 26 million barrels a day. Add to that the daily 2.7 million barrels produced by Iraq, which is not bound by quotas, and OPEC could be bringing more than 29 million barrels a day to the market. Read full article >> VIENNA (AP) -- OPEC was expected to raise crude production levels at a meeting on Wednesday, with several delegates following Saudi Arabia's lead in favoring a hike to lower high oil prices and protect demand in countries facing a global slowdown.... Stocks fell in Europe for a sixth day, U.S. index futures declined and the yen strengthened as concern deepened the global recovery may slow. Copper led commodities lower, while oil dropped as OPEC meets. June 8 (Bloomberg) -- Manouchehr Takin, a senior petroleum upstream analyst at the Centre for Global Energy Studies, talks about the Organization of Petroleum Exporting Countries' production quotas. He speaks with Francine Lacqua on Bloomberg Television's "On The Move." Read full article >> A much anticipated OPEC meeting got under way, but the latest remarks by various oil ministers failed to dispel the mystery surrounding the group's next move. Oil prices fell to near $98 a barrel Wednesday amid signs OPEC may raise its crude production quotas at a meeting in Vienna. Oil prices fell to near $98 a barrel Wednesday amid signs OPEC may raise its crude production quotas at a meeting in Vienna. By early afternoon in Europe, the benchmark oil contract for July delivery was down 90 cents to $98.19 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 8 cents to settle at $99.09 on Tuesday. In London, Brent crude for July delivery was down 66 cents to $116.12 a barrel on the ICE Futures exchange. Read full article >>
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