Oil Prices Increase after OPEC Limits Surplus Production
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Oil Ministers representing countries in the Organization of Petroleum Exporting Countries (OPEC) met in Cairo, Egypt, and agreed to end the over quota production.
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Oil prices climbed back to $50 on  Tuesday, pushed higher by supply outages in the North Sea and  fears about low stocks of winter heating fuels.
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OPEC decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.
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Oil prices rose to near $63 a barrel on Friday, after BP Plc shut in output at an oil field in Alaska and OPEC members Nigeria and Venezuela pledged to cut production.
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World crude prices climbed on Tuesday, as Qatar&#39;s energy minister said OPEC would not move next week to increase the cartel&#39;s oil output to battle tight global supplies amid strong energy demand.
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Oil prices rose to near $63 a barrel   on Friday, after BP Plc shut in output at an oil field in   Alaska and OPEC members Nigeria and Venezuela pledged to cut   production.
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Oil turned higher again on Tuesday after retreating from record highs in response to concerns about the U.S. economy and further indications OPEC has already substantially raised oil output.
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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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Oil prices are rising as hopes of a rise in production from next week's Opec meeting dwindle.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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NEW YORKâWorld oil prices rose yesterday as concerns over a supply shortage after Hurricane Ivan persisted despite news the United States will lend some oil from its reserves to refineries to make up for lost production.
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Oil rose toward $62 a barrel on   Tuesday as producer group OPEC kindled fears of production   cuts, saying oil's steep slide from record peaks had brought   prices too low.
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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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NEW YORK : World oil prices rose on Wednesday as traders reacted coolly to news of a rise in US commercial energy reserves, sweating instead about an OPEC gathering in Cairo this week.
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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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Oil supply fears eased slightly on  Wednesday as OPEC hiked production quotas by 1 million barrels  a day, balancing risks from Hurricane Ivan that has temporarily  closed 60 percent of Gulf of Mexico crude output.
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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.