OPEC Warns Oil Supply Cuts Needed for &#39;05
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OPEC oil producers said on Thursday that Friday&#39;s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers
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OPEC is poised to stick with existing oil supply limits, deferring a decision on cutbacks to counter falling seasonal demand, cartel ministers said on Saturday.
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OPEC's top producer Saudi Arabia on  Wednesday questioned the need for the cartel to bolster oil  prices by cutting supply, saying the kingdom would keep crude  output at current high levels as long as customers wanted it.
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Oil producing cartel Opec will cut back on over-production early next year to prevent a further fall in prices, Kuwait&#39;s oil minister has said.
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OPEC oil producers on Thursday weighed up  whether heavy recent price falls were severe enough to warrant  cutting back excess supply at Friday's ministerial meeting.
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OPEC cannot rule out cutting oil production if oil prices slide further before the producer group meets next Friday, a senior OPEC delegate said on Friday.
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A long-term upward shift in oil prices would curb fuel demand growth over the next 25 years and hurt OPEC by driving consumers away from the cartel&#39;s supply, the International Energy Agency said on Tuesday.
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Another year of record-high oil prices may dent world economic growth in 2005, with China being particularly vulnerable, an OPEC official said Tuesday.
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Although the United States is seemingly heading toward a recession, OPEC may soon have to cut its output to offset a seasonal demand slowdown in the spring.
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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.
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The Organization of the Petroleum  Exporting Countries (OPEC) has agreed informally the need to  cut production by at least 1 million barrels per day (bpd) to  keep the price of its crudes above $50-$55, the Financial Times  reported on Thursday without naming sources.
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OPEC oil producers were poised on Friday to stamp out excess supply that has lowered world prices from record highs.
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CAIRO After producing at close to full capacity for several months in a bid to drive crude oil prices down from record levels, OPEC ministers are now considering production cuts to prevent a slump in prices as demand slows next year, OPEC officials and
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International oil markets have enough  oil, but a lack of capacity to refine it was contributing to  high prices, OPEC&#39;s president told reporters on Sunday.
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OPEC's top producer Saudi Arabia on Wednesday questioned the need for the cartel to bolster oil prices by cutting supply, saying the kingdom would keep crude output at current high levels as long as customers wanted it.
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VIENNA, Austria -- OPEC kept its official production target steady on Monday but left open the possibility of an output cut later this year with a promise to "vigilantly" monitor market conditions that have driven oil prices to five-month lows.
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(CBS/AP) Juggling between its need to keep prices up without having them explode, OPEC agreed Friday to reduce its daily oil output by 1 million barrels a day - and reserved the right to cut deeper early next year if crude turns much cheaper than now.