Abdullah -Badri

OPEC began a meeting here on Wednesday to decide on the cartel's oil output levels and to choose a new secretary-general, amid a trend of slowing growth of world oil demand which may dent high crude prices.

OPEC holds a meeting Wednesday to decide on the cartel's oil output levels and to choose a new secretary-general, ahead of a predicted slowing of world energy demand growth that may dent high crude prices.

A spike in shale oil and gas production is revolutionising the energy sector and risks weighing on prices of conventional crude, according to industry experts.

Oil prices fell on Tuesday after the International Energy Agency cut its global crude demand forecasts.

Oil prices rose on Friday after OPEC vowed to eliminate overproduction in order to stick by its output ceiling and boost its members revenue.

OPEC announced Thursday it was keeping its oil output ceiling unchanged but vowed to eliminate overproduction as it sought to halt falling oil prices amid a weak global economy and eurozone debt crisis.

OPEC decided to leave its oil output ceiling unchanged, Algerian Energy and Mines Minister Youcef Yousfi said Thursday after a key meeting in Vienna.

Looming EU oil sanctions against Iran will result in a higher cost for Europe, Iranian Oil Minister Rostam Qasemi warned on Thursday ahead of the OPEC cartel's latest output meeting in Vienna.

A looming oil embargo on Iran, related to its controversial nuclear programme, will destabilise the global oil market and spark higher prices, Iranian Oil Minister Rostam Qasemi warned Wednesday in Vienna.

World oil prices nosedived on Friday, hitting three-month lows as a disappointing US non-farm payrolls report sparked fresh concern over energy demand in the world's biggest crude consuming nation.

Oil prices slid on Friday as traders awaited crucial US payrolls figures which will shed further light on the economic health of the world's biggest crude consuming nation.

Italy and Libya signed a wide-ranging political pact on Saturday to redefine their ties in the post-Kadhafi era, as Italian Prime Minister Mario Monti made his first visit to Tripoli since the dictator's fall.

Iranian Oil Minister Rostam Qasemi dismissed again Wednesday the possibility of sanctions on his country's energy sector despite market fears of crude oil shortages that have kept prices high.

OPEC agreed on Wednesday to maintain current oil production of 30 million barrels per day, citing an uncertain outlook for world energy demand while the cartel chose Iraq to be its president in 2012.

OPEC holds a ministerial meeting Wednesday to decide on oil production levels, with markets expecting the cartel to maintain its official quota as a weak global economy hits demand for crude.

Saudi Oil Minister Ali al-Naimi on Monday refused to be drawn on the outcome of this week's OPEC output meeting, but said he was happy with the kingdom's crude output level of over 10 million barrels per day.

OPEC meets in Vienna this week to decide on whether to change the cartel's oil production levels in the face of heightened Iran tensions, higher Libyan output and a weak economic outlook.

The head of the Organisation of Petroleum Exporting Countries (OPEC) described oil prices Wednesday as "satisfactory" and supply as adequate, while predicting Libyan output will return to pre-conflict levels by mid-2012.

OPEC raised its medium- and long-term forecasts for oil output on Tuesday but warned that uncertainty over energy and environmental policy was confusing the picture and could affect investment.

A divided OPEC failed Wednesday to agree to boost output to cool high oil prices, which jolted markets and sparked criticism from the West.