OPEC sends conflicting signal on need for deeper cut
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OPEC ministers sent conflicting signals on Saturday on whether the group needed to reduce oil production further to bring markets back into equilibrium.
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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.
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As OPEC's leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder whether the cartel's influence has waned at a time when producers outside the cartel such as Russia and Norway are gaining clout.
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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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Oil prices have fallen in recent weeks from record highs, relieving the anxieties of consumers and economists alike. However, OPEC recently signaled that it&#39;s not ready for the price of black
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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal
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Opec&#39;s decision yesterday to cut overproduction demonstrated that the world&#39;s biggest oil cartel will defend oil prices that are well above its official price range.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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Saudi Arabia and other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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VIENNA -- OPEC, the producer of 41 percent of the world's oil, probably won't cut output at a meeting here this week as mounting tensions between the United States and Iran bolster prices.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from a further cut that risks pushing up prices and damaging economic growth.
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ABUJA, Nigeria -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.
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OPEC ministers were unclear on how the cuts would be distributed. Only seven of the 10 members subject to quota had been asked to reduce supplies.
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Increased demand in India and China is affecting oil prices, but &quot;non-fundamental&quot; factors make it hard to forecast which side of the $45 per barrel mark they will head, OPECâs President said on Tuesday.
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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BEIRUT: As a strategy for rescuing the plummeting price of a barrel of oil, OPEC&#39;s much touted production cut on Friday was about as much use as breaking wind over a field instead of using compost.