OPEC President Says Politics Pushing Oil Prices Higher
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The president of the Organization of Petroleum Exporting Countries, Purnomo Yusgiantoro, said global political uncertainties and concerns likely account for US$10 to $15 per barrel, or up to one third, of current world oil prices.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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Global oil prices edge up in early Thursday trading ahead of a key meeting by oil producers group Opec.
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NEW YORK - Oil prices rose on Wednesday as the re-election of US President George W. Bush countered a big increase in spare oil supplies ahead of winter.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  ahead of the second quarter that could drain healthy U.S.  stockpiles before summer.
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LONDON, August 28 (IranMania) - Iran&#39;s OPEC governor said Friday that the high oil prices will continue to go up if the situation in Iraq deteriorates, stressing that the Iraqi crisis has coincided with an upsurge in the global demand for crude.
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The president of the Organization of Oil Producing Countries said Tuesday skyrocketing oil prices are beyond the cartel&#39;s control.
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JAKARTA/DUBAI  - OPEC is united on the need to  raise its oil price target to an average $30 a barrel, but the  cartel has yet to agree on when to implement the higher level,  a top Iranian oil official said on Thursday.
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Oil prices jumped more than 3 percent  on Tuesday to a one-month high of $99 a barrel as expectations  that OPEC will keep production tight spurred supply concerns.
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Venezuelan President Hugo Chavez on Thursday said there is an excess of oil on the world market and proposed a minimum price for crude at &#36;50 a barrel. OPEC members have no intention of increasing their oil production despite demands from a number of industrialized nations, Chavez said as he spoke at the group&#039;s meeting in Caracas.
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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OPEC President Purnomo Yusgiantoro said oil prices are now being driven by fundamental factors rather than speculators. Hedge funds and other large speculators last week cut their bets
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VIENNA, Austria - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant - given that the cartel is already exceeding the new quota.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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Jakarta - Opec production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president said Monday.
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OPEC President Purnomo Yusgiantoro said on Friday he was concerned with the continuing rise in global oil prices, but the cartel had not yet seen a cost-driven increase in inflation.
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LONDON  - Oil prices gained more ground as pressure grew within the OPEC cartel assembling in Cairo for an end to above-quota production, so as to force flagging prices upwards.