1. It now urged immediate action to bring about a price increase by abandoning the production ceiling increases programmed for the rest of that year. 2. As a group, OPEC continued to officially proclaim an overall production ceiling despite the fact that the limit is widely ignored by major oil-producing nations. 3. Crude oil rose amid speculation the Organization of Petroleum Exporting Countries will leave its production ceiling unchanged, save to account for a limited oil sale by Iraq. 4. Despite negotiations on quota figures, most OPEC members are flouting their production ceilings. 5. OPEC CONTINUES OUTPUT CEILING OPEC decided to continue its production ceiling through the first half of next year, even though a number of its members violate it. 6. That was reflected in New York and London oil markets shortly after OPEC announced the extension to its production ceiling for six months, which traders had expected. 7. The Organization of Petroleum Exporting Countries on Friday opted to boost its oil production ceiling to accommodate a renewal of Iraqi exports but dodged more difficult issues. 8. The Saudis have argued that rising world oil demand will soak up the Iraqi barrels, as long as Venezuela and other quota violators honor their production ceilings. 9. They can extend their current production ceiling in hopes that oil prices will stay about where they are. 10. Venezuelan Oil Minister Erwin Arrieta gave his personal assurance that his country would not violate its production ceiling. |