OPEC ministers say may hold off on more oil cuts
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OPEC appeared willing on Wednesday to pull back from more oil output cuts, responding to consumer nation calls to hold off until winter has passed to guard against price spikes that would hurt the world economy.
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As OPEC ministers prepare to meet Monday, the question on their minds is not how high oil prices will rise, but how far they may drop.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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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
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from an immediate cut that risks pushing up prices and damaging economic growth.
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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.
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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 to prevent  a glut next year.
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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 were unclear on how the cuts would be distributed. Only seven of the 10 members subject to quota had been asked to reduce supplies.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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Most OPEC oil ministers held the line on  Sunday that current output is sufficient to meet demand, but  the world&#39;s biggest exporter Saudi Arabia was silent ahead of a  September 11 meeting to chart production policy.
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OPEC is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing U.S. economy and the onset of seasonally lower demand in the spring.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand until March, cartel ministers said  Saturday.
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OPEC is keeping its foot to the pedal on  production in a bid to drag down oil prices but may be  reluctant to rubber-stamp extra supplies by lifting official  output limits, Saudi Arabia said on Tuesday.
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After pumping oil at close to full capacity for several months in a bid to bring prices down from record levels, OPEC ministers said Thursday that they were considering curbing
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OPEC was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.