oil production

Oil prices fall on more bad economic news and after Opec hinted it would not cut oil production soon.

Opec tells its members to limit production to agreed quotas as Brent crude dips below $100 for the first time since April.

The UAE and Kuwait find themselves in opposition to Iran on oil production levels, as Opec ministers gather.

The cost of crude rises for a fourth straight day on fears that Tropical Storm Gustav may disrupt oil production.

Saudi Arabia has increased its daily oil production to 9.7 million from 9 million barrels in a move to counter the sharp rise in international oil prices, Saudi King Abdullah said Sunday.

The reason for record-high oil prices, which are putting the squeeze on the United States and others worldwide, is that oil production has not kept pace with increasing demands, U.S.

Energy Secretary Samuel Bodman told reporters Saturday.

After some hemming and hawing on the matter, Saudi Arabia looks ready to increase oil production in an effort to reduce oil prices.

According to reports, the Kingdom is concerned that high oil prices will eventually shrink global demand for oil.