Oil producers have wafer-thin safety margin: experts
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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OPEC was poised to keep production steady Thursday as Iran blamed the United States for high oil prices, saying threats against its nuclear program are behind much of the fear and speculation in the market.
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Oil steadied above $61 a barrel on   Tuesday as producer group OPEC kindled fears of production   cuts, saying oil's recent slide from record peaks had brought   prices too low.
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Oil futures retreated below $50 US a barrel Monday, though analysts said there is enough uncertainty about geopolitics and weather - and the industry&#39;s ability to boost crude oil output quickly - to keep prices from plummeting anytime
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Oil spills and safety lapses in the United States have overshadowed record profits.
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Oil producers are emerging to lock in record high prices for their future crude output, but activity is modest as firms still fear calling a premature end to this year&#39;s stunning price rise, traders said on Friday.
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U.S. blue chips trimmed gains on  Friday after a senior OPEC delegate said the producer group  cannot rule out cutting oil production if oil prices slide  further and monthly U.S. jobs data showed weaker-than-expected  growth.
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Oil and gasoline futures traded in narrow ranges on Friday, supported by concerns about tight supplies but pressured by a weak employment report.
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(MENAFN) An official at the International Energy Agency (IEA) said that an extra 3 million barrels per day (bpd) of production capacity worldwide is needed to avoid another year of blistering oil prices, Reuters reported.
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The world&#39;s oil supply is expected to be stretched thin for another two to three years, even as demand tapers off and the industry gears up for an exploration and production spending spree in 2005.
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When an explosion flattened a liquefied natural gas plant in Algeria, killing 30 workers, one might say the heat was felt half a world away &#151; in coastal towns in New England, Alabama and California. The Algerian inferno a year ago undermined industry arguments that the modern era of LNG transport is inherently safe. It also became rallying point for groups fighting proposed new LNG terminals in their towns.
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As OPEC's leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder whether the cartel's influence has waned at a time when producers outside the cartel such as Russia and Norway are gaining clout.
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Energy industry executives are looking for deals across the power and oil and gas sectors, but with valuations and asset prices running at high levels, many have narrowed their deal criteria to exclude large link-ups.
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LONDON - The worldâs oil refiners are unimpressed by Saudi Arabiaâs boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.
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The sharp rise in oil prices which recently creeps towards $60 per barrel has put many energy industries and those reliant on energy on the edge for fear of the adverse affects of escalating prices.
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Russia's natural resources minister said Monday that foreign companies would be welcome to help develop offshore oil fields, the same day a senior U.S. diplomat expressed concern about the minister's earlier statement that foreign access to oil and gas deposits would be limited.
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Security concerns are preventing fuel and other goods from leaving a key port.