Venezuela Minister Opposes Increase in OPEC Production Quotas
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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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Exxon Mobil and ConocoPhillips yesterday rejected a deal to stay in multibillion-dollar projects that Venezuela is nationalizing, increasing the chances two of the world's top oil companies will leave the OPEC nation, two sources close to the talks said.
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Cairo - The push to cut Opec oil production grew yesterday with the minister of the United Arab Emirates saying on the eve of a meeting of the oil producers&#39; cartel that members had to honour output quotas to stem oversupply and falling prices.
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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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President Alvaro Uribe said Saturday that he has forbid government officials from discussing a dispute with Venezuela over the abduction of a Marxist guerrilla on Venezuelan soil.
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Venezuelan President Hugo Chavez  stopped oil exports to Exxon Mobil Corp  on Tuesday,  escalating a multibillion-dollar fight with the U.S. company  two days after threatening to cut off all supplies to America.
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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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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts dismissed as symbolic because the cartel already is pumping more than its new target.
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Russia's foreign ministry rejects US claims that an arms shipment to Venezuela could be sold on to rebels.
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Venezuelan President Hugo Chavez threatens to cut off his country's oil shipments to the United States if a court ruling goes forward ordering Venezuelan assets be frozen in a case brought by Exxon Mobil.
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Venezuela softened its tone on Tuesday over a threat to stop oil sales to America, with a top official saying a supply cut would be undesirable a day after world oil prices rose due to President Hugo Chavez's warning.
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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The Venezuelan government rejected comments by a senior U.S. official who called President Hugo Chavez a threat to democracy, saying they revealed that Washington's overtures for rapprochement were insincere.
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Several OPEC members argued that the cartel should raise its price band, but ministers remained deadset against hiking its official production quotas in a bid to stabilise the oil market.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target.
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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OPEC's core Gulf producers will  recommend the cartel raise supply quotas by one million barrels  a day, four percent, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd  al-Sabah said on Wednesday.