Saudi Arabia insists high oil prices no threat to world economic ...
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LONDON  - 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&#39;s oil minister Ali al-Nuaimi insisted.
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Saudi Oil Minister Ali al-Naimi said on Sunday that the rise in oil prices to a record high had been determined by market forces.
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Top world oil exporter Saudi Arabia  vowed on Sunday to maintain a cushion of spare supplies of up  to 2 million barrels per day (bpd) to meet future demand  growth.
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Top world oil exporter Saudi Arabia vowed on Sunday to maintain a cushion of spare supplies of up to 2 million barrels per day (bpd) to meet future demand growth.
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Record oil prices are unlikely to inflict the economic pain they did in the 1970s, Federal Reserve Chairman Alan Greenspan said Friday, adding that he thought the world could adjust to higher-priced oil.
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Saudi Arabian Foreign Minister Prince  Saud al-Faisal said on Wednesday the kingdom does not see any  obstacle to cooperating with Russia on developing a nuclear  energy program.
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Saudi Arabia is urging global oil stocks be increased before the world&#39;s crude oil cartel consider cutting output. Members of the Organization of Petroleum Exporting Countries
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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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High oil prices pose a risk to the global economy, but the economic outlook for 2005 is still favorable, the Group of Seven nations said in a statement following their meeting on Friday.
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U.S. President George W. Bush complained in Saudi Arabia on Tuesday that soaring oil prices were threatening the U.S. economy, raising pressure on the world's top oil exporter to help ease prices.
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LONDON - The worldâs oil refiners are unimpressed by Saudi Arabiaâs boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.
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LONDON, NOVEMBER 29: Opec will not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said.
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ABU DHABI - Opec vowed yesterday 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.
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THE sharemarket should take heart from US Federal Reserve chairman Alan Greenspan&#39;s comment that sky-high oil prices won&#39;t harm the US economy - as long as they don&#39;t go any higher.
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President Bush warned Tuesday that surging oil prices threaten the U.S. economy and urged OPEC nations to boost their output. His plea drew little sympathy from oil-rich Saudi Arabia, which said production levels appear normal.
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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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Oil prices climbed above &#36;41 a barrel on Monday after Saudi Arabia cut January crude deliveries to clients in Asia, confirming that the top exporter was adhering to OPEC's agreement last week to curb excess supply.