Top OPEC minister says supply no worry
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CAIRO, EGYPT - OPEC&#39;s top producer, Saudi Arabia, on Wednesday said the cartel&#39;s Friday meeting aims to steady falling oil prices and played down fears among fellow members of a supply surplus.
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VIENNA : OPEC insisted that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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CAIRO - Saudi Arabian Oil Minister Ali Al Naimi said yesterday that world oil stocks were not building too fast and questioned the need for Opec to act on supply with prices still above the groupâs formal target.
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Opec's president says oil supply is adequate as Brent crude hits a record $46 a barrel and US light crude hovers 4 cents below its all-time record.
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OPEC, the producer of more than 40 percent of the world's oil, is supplying the international market with enough crude and cannot be blamed for record prices, the group's new president said Saturday.
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OPEC may have no need to cut or raise  output when it meets in a month's time as the world oil market  is in "much, much better health" than before, the Wall Street  Journal quoted Saudi Arabia's oil minister as saying.
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Red-hot oil prices during 2004, stoked by a surge in global demand and worries about disruptions to supplies, are not harming world economic growth, Saudi Arabia's oil minister Ali al-Nuaimi insisted.
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OPEC ministers will concentrate on quota  compliance rather than cutting official production ceilings to  combat falling oil prices when they meet in Cairo this week,  Iran's oil minister was quoted as saying on Monday.
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OPEC oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.
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OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.
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OPEC sees no reason to change crude  output as the nine-month high in oil prices last week was due  to U.S. gasoline supply concerns and international political  tension, a senior OPEC delegate said on Monday.
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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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Most OPEC oil ministers held the line on Sunday that current output is sufficient to meet demand, but the world's biggest exporter Saudi Arabia was silent ahead of a September 11 meeting to chart production policy.
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a big increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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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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OPEC can do nothing about the high price  of oil because factors other than crude supply have sent the  market to near record levels, Qatar&#39;s Energy Minister said on  Wednesday.
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OPEC vowed Sunday to do what it can  to deflate record high oil prices that have soared above $53 a  barrel, and top exporter Saudi Arabia promised to keep the  world supplied with as much oil as it needs.