OPEC kingpin argues against raising quotas or price band
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OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Oil prices raced to new record highs  above $50 on Tuesday, despite a pledge by OPEC producer Saudi  Arabia to increase production, as rebel threats against  Nigerian oil facilities threatened to inflict further strain on  global supplies.
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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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Venezuela, OPEC&#39;s third-largest oil producer, said the group shouldn&#39;t raise its output targets at this week&#39;s meeting in Vienna.
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Nigeria wants OPEC to raise its price band to be more in line with market reality, the country's top oil official, Edmund Daukoro, said following similar calls by Libya and the United Arab Emirates.
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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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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.
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Opec oil producers recommend no change in output quotas ahead of Sunday's meeting in Austria.
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THE head of oil cartel Opec today revealed that he had urged the United States to release crude stocks from its strategic reserve to bring down sky-high oil prices.
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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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VIENNA : OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Iran said on Friday OPEC should  defend prices at $40 a barrel for U.S. crude, seeking to set a  higher threshold for output cuts by the oil cartel.
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Oil prices rise above $63 a barrel after the president of the Opec producers cartel says he favoured another cut in output.
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The former chairman of oil group Royal Dutch/Shell today challenged the City watchdog over its findings on the companyâs oil reserves scandal.
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OPEC is unlikely to change production at   its meeting this month and, due to high prices, is likely to   continue supplying the market more than demand, Iran's OPEC   governor Hossein Kazempour Ardebili said on Saturday.
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Raise prices. Ease production. For weeks ahead of this week's OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high - and lowering output.
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Oil ministers are meeting to consider raising the formal output ceiling as crude prices remain stubbornly high despite OPEC's persistent efforts to lower them.