OPEC wrestles over output increase as hurricane, Iraq attacks lift ...
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OPEC members were divided yesterday 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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Crude oil futures rose on concern Hurricane Ivan may disrupt production, refining and the arrival of shipments as it moves into the Gulf of Mexico, where a quarter of US oil and natural gas is pumped.
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Oil surged above $70 on Monday on news a cyclone was headed toward the oil-producing Arabian peninsula with the potential to disrupt shipping and output.
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A militant attack on the US consulate in Saudi Arabia and unrest in Nigeria pushed crude prices upward Tuesday, as supply fears crept back into play and traders considered a potential production cut from oil cartel OPEC.
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Oil prices jumped again Tuesday as Hurricane Ivan charged towards the oil-rich Gulf of Mexico and an explosion rocked Iraq&#39;s recovering oil industry.
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Oil prices rose to near $63 a barrel   on Friday, after BP Plc shut in output at an oil field in   Alaska and OPEC members Nigeria and Venezuela pledged to cut   production.
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World crude prices have risen amid fears that supplies from the oil-rich Gulf of Mexico could be disrupted by Hurricane Ivan. Energy companies have evacuated thousands of offshore workers and shut down some production in the region.
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World oil prices steadied with prices, underpinned by the US Atlantic hurricane season -- which threatens to damage energy facilities -- and expectations that OPEC will keep its output unchanged at a meeting next week, dealers said Wednesday.
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Oil jumped 3 percent to over $63 a   barrel on Wednesday as expectations that producing cartel OPEC   may slash output to defend prices countered rising U.S.   inventories.
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Oil edged up above $63 a barrel on Monday as two OPEC members trimmed production in an effort to tighten swollen supplies and halt a slide in prices.
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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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Oil exceeded $79 a barrel today after OPECâs modest output increase failed to allay winter supply concerns as dealers focused on tight inventories in the United States.
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Oil prices rose on Friday as a sabotage  attack on Iraqi oil infrastructure reignited concern about the  reliability of crude exports from the country despite a peace  deal to end an uprising in Najaf.
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Crude oil prices rose for the second day Thursday as traders worries that the Organization of Petroleum Exporting Countries (OPEC) might trim excess oil output.
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VIENNA, Austria - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant - given that the cartel is already exceeding the new quota.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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VIENNA: 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 yesterday.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.