OPEC plans to discuss raising its output ceiling
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VIENNA OPEC oil ministers are meeting on Wednesday in Vienna to consider changes to the group&#39;s formal output ceiling even as crude prices remain high despite the cartel&#39;s efforts to lower them.
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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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OPEC will increase its official oil production target by one million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit all year.
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OPEC oil producers meeting here this week are likely to clamp down on excess supply has that helped lower prices from record highs and will discuss how much to raise their price target, cartel officials said yesterday.
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Oil cartel expected to call for tighter compliance with official quota levels at Cairo meeting. CAIRO  - The OPEC oil cartel is unlikely to lower its official production ceiling when ministers meet
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U.S. Energy Secretary Sam Bodman said on Saturday that Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should up output at its February 1 meeting.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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OPEC may resist calls to raise oil  output quotas much, if at all, when it meets this week for fear  of turning a decline from record prices into a rout.
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Ministers of the Organisation of Petroleum Exporting Countries expect oil prices to rise this week as they plan to demonstrate that they are serious about implementing
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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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Opec members have split on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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All options, including cutting quotas, are up for discussion when OPEC ministers meet in Cairo this week to plan their response to a sharp fall in prices
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OPEC will mull raising its oil output quota by up to one million barrels per day at a meeting in a largely symbolic gesture as members are already pumping far above the 26 million ceiling.
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VIENNA - OPEC sought to reassure jittery oil markets yesterday by agreeing to boost crude production by 500,000 barrels a day - a move the cartel conceded was prompted partly by "clouds on the horizon" from the US housing slump.
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OPEC has agreed to increase its oil output by 500,000 barrels per day from Nov 1, Qatari Oil Minister Abdullah al-Attiyah said on Tuesday, in a gesture to consumer nations' worried by rapidly diminishing fuel stocks and the economic impact of $77 oil.
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OPEC responded to recent high oil prices yesterday by raising its output quotas by 1 million barrels per day (bpd) of crude, effective from 1 November, a move analysts said was largely cosmetic in light of its current overproduction.