Opec&#39;s new cash pile
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THE rise in the price of crude oil over the last several months has brought the 11 members of Opec an unprecedented windfall, so much so it has revealed some cracks within what was supposedly the cartel&#39;s public unity on prices.
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Some companies are dealing with rising oil costs in unique ways.
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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.
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DUBAI/ABUJA  - OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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Oil prices climbed to within a dollar  of a new record on Wednesday after the U.S. government reported  a big decline in oil stockpiles because of disruptions from  Hurricane Ivan.
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World oil prices rose on Thursday as OPEC ministers gathering in Cairo raised the prospect of cutting output. New York&#39;s main contract, light sweet crude for delivery in January, climbed 59 cents to 42.53 dollars a barrel.
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Opec oil producers had already moved to rein in excess supply, they said on Saturday, a day after doubts over the group&#39;s resolve to cut quotas sent prices into a tailspin.
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Early last summer, OPEC looked as though it had successfully absorbed tremendous shocks to the oil market a strike in Venezuela, ethnic clashes in Nigeria, attacks on foreign workers in Saudi Arabia, a war in Iraq.
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THE UAE and Kuwait plan to increase oil production capacity by nearly 3,00,000 bpd and 2,00,000 bpd respectively in the short term in a bid to stabilise the market, which has been rocked by high oil prices touching $53 per barrel prior to the week end.
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OPEC&#39;s president has taken the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices.
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Raise prices. Ease production. For weeks ahead of this week&#39;s OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high - and lowering output.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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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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ABU DHABI/VIENNA  - OPEC is concerned by the fall in the dollar and the producer group will take up the issue when it meets next week to chart supply policy.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' purchasing power and ministers will take up the issue when they meet next week to discuss new output curbs.
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Opec, the oil producers&#39; cartel, has taken the surprise step of urging the US to release stocks held in emergency reserves to calm the frantic crude market.
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WASHINGTON -- The price of oil charged to a new high above $47 a barrel yesterday amid nagging concerns about instability in Iraq, the uncertain fate of Russian petroleum giant Yukos, and the world's limited supply cushion.