Suicide bombers in explosives-laden cars attempted to attack an oil processing facility that handles about two-thirds of Saudi Arabia’s petroleum output today, but were stopped when guards opened fire on them, causing the cars to explode, officials said.

The Organisation of Petroleum Exporting Countries (OPEC) essentially sat on its hands yesterday in the face of soaring oil prices by deciding to keep its output steady.

OPEC has no obvious reason to cut its oil output, the group’s president said today, even though Iran and Venezuela have cited excess supply in pushing for a reduction.

Iran’s oil minister said today that OPEC would make any decision on adjusting oil supplies in a collective manner, comments that could allay fears his country would use the meeting as a stump speech over its nuclear ambitions.

OPEC will probably raise its output ceiling this week in an attempt to rein in near-record oil prices, but refining bottlenecks will continue to drive the market and make any potential hike nothing more than a symbolic gesture.

OPEC’s president said today that the group needs to increase its output ceiling now despite oversupply in the crude oil market, and may need to act again as US refineries come back on line and the Northern Hemisphere’s winter looms.

Under pressure to lower stubbornly high oil prices, Opec ministers were gathering in Austria today to try to lower crude costs and ease the brakes on the global economy.

Saudi Arabian Oil Minister Ali Naimi has said that he backs an increase in OPEC’s production ceiling but questioned whether demand justified adding actual oil to the market.

President George Bush is seeking relief from record-high gas prices and support for Middle East peace as he opens his Texas ranch to Crown Prince Abdullah of Saudi Arabia, the world’s largest oil producer.

Oil prices hit record levels today, reaching $56.85 a barrel on continued scepticism about Opec’s ability to calm markets by increasing official output.

OPEC ministers today moved toward consensus on formally boosting the group’s oil output. But the move did little to ease concerns that the world’s hunger for crude may soon outpace the organisation’s capacity to feed it.

A rift developed in advance of a crucial OPEC meeting today when Saudi Arabia said it would go-it-alone if its plan to increase production to counter price rises is rejected.

Oil cartel OPEC agreed today to scale back production in a bid to defend high prices and protect revenues.

OPEC oil ministers today joined in supporting a cut in output toward production target levels early next year in a bid by the organisation’s 11 member states to stave off further falls in the world price while trying to avoid a new frenzy of buying.

Opec members have split on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.

Oil prices pulled back from record highs tonight after Saudi Arabia said it was able to pump an extra 1.3 million barrels a day.

Saudi Arabia can pump an extra 1.3 million barrels of oil a day if the market requires it, the kingdom’s Oil Minister Ali Naimi said today.

OPEC agreed today to raise its production ceiling by two million barrels-a-day next month in a bid to bring down uncomfortably high prices of crude oil.

Encouraging signals from OPEC that it would raise production had the immediate and desired effect of lowering record-high oil prices, but analysts were wondering whether the measure would prevent a worldwide crisis.

Saudi Arabia’s influential oil minister struggled to rein in a runaway market with assurances about the reliability of supplies as OPEC members gathered in Beirut to consider increasing crude production.

Saudi Arabian Oil Minister Ali Naimi arrived in Amsterdam for and emergency Opec meeting today and said the cartel needs to raise its output ceiling by more than two million barrels a day.

Saudi Oil Minister Ali Naimi urged OPEC to raise its production ceiling by 1.5 million barrels a day when it meets on June 3.

THE world’s major oil producing nations agreed last night to cut production by 4% despite surging prices – a move analysts said could drive crude oil prices even higher.

The world’s major oil producing nations agreed today to cut production by 4% despite surging prices – a move that analysts said could drive crude oil prices even higher.

The world’s major oil producing nations agreed today to cut production by 4% from next month despite surging prices, several oil ministers said.

Saudi Arabia will keep delivering oil “whatever happens” during a war in Iraq, the country’s oil minister said today.

OPEC needs to compensate for a shortfall in oil exports from Venezuela but it shouldn’t change its output target of 23 million barrels a day, the group’s most influential oil minister said today.

Rejecting calls from the West to put more oil on the market and give consumers some relief from high prices, Opec ministers today agreed to leave output unchanged, the group’s Secretary-General said.