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Opec discusses rise in oil output Opec agrees to raise oil output
(about 5 hours later)
Oil prices steadied in afternoon trade in Europe as Opec members discussed the possibility of a small rise in output. Opec members have agreed to increase oil production by 500,000 barrels a day to meet concerns about rising demand.
The 12-nation oil producers' cartel is debating a proposal from key member Saudi Arabia to raise daily production by 1.7% at their meeting in Vienna. The 12-nation oil producers' cartel agreed to support a proposal from key member Saudi Arabia to raise daily production from 1 November.
US light crude fell from morning highs of $77.86 a barrel to $77.51, two cents up on Monday. In London, Brent crude was 13 cents down on the day at $75.35. Oil prices have been touching record highs on fears of a growing imbalance between supply and demand.
Earlier price rises had been caused by a series of attacks in Mexico. US light crude was trading at $77.51 a barrel on Tuesday afternoon, near record highs of $78.77 hit in August.
'No consensus' Changing tack
Opec ministers speaking during breaks in the ongoing meeting, said members were divided on Saudi Arabia's proposal. Recent upward pressure on prices has been caused by a series of attacks in Mexico as well as concerns over the impact of hurricanes on oil infrastructure in the Gulf of Mexico.
"Everything is on the table, but there is no consensus," said Venezuelan Energy Minister Rafael Ramirez, who opposes any increase.
Until Tuesday, Opec ministers had insisted there would be no increase in supplies.Until Tuesday, Opec ministers had insisted there would be no increase in supplies.
This was despite warnings from the International Energy Agency, which represents the world's top 26 oil consuming nations, that additional supplies will be needed to meet demand. This was despite warnings from the International Energy Agency, which represents the world's top 26 oil consuming nations, that additional supplies would be needed to meet demand.
Economists have also suggested that an increase in Opec supplies, and the likely result that prices will fall, would help ease recent US economic and global stock market jitters.Economists have also suggested that an increase in Opec supplies, and the likely result that prices will fall, would help ease recent US economic and global stock market jitters.
Over the past year, Opec - which supplies more than a third of the world's oil - has cut deliveries by about 6%.Over the past year, Opec - which supplies more than a third of the world's oil - has cut deliveries by about 6%.
US light crude hit a record high of $78.77 a barrel on 1 August.
'People's war''People's war'
The dozen or so attacks on Mexico oil and gas facilities - which pushed crude prices to near record highs - have been blamed on a left-wing rebel group.The dozen or so attacks on Mexico oil and gas facilities - which pushed crude prices to near record highs - have been blamed on a left-wing rebel group.
Mexican officials have insisted that although the country's gas output had been cut by a quarter, oil exports would not be affected.Mexican officials have insisted that although the country's gas output had been cut by a quarter, oil exports would not be affected.
The attacks were claimed by the People's Revolutionary Army, as part of what it says is a "prolonged people's war" against "the anti-people government".The attacks were claimed by the People's Revolutionary Army, as part of what it says is a "prolonged people's war" against "the anti-people government".
Experts say it is a very secretive but also very small grouping.Experts say it is a very secretive but also very small grouping.