OPEC Chief: Oil Prices to Drop in 2005
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OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.
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Crude oil futures would need to fall to about $37 a barrel before OPEC decides to cut production, according to a person familiar with the thinking of the cartel's top officials.
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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The Organization of Petroleum Exporting Countries (OPEC) expects to find a solution with non-OPEC members and oil companies to jointly stabilize oil prices at their meeting next month, OPEC president Purnomo Yusgiantoro said.
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Oil dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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The head of the European Central Bank reiterated concerns Monday that high oil prices would weigh on the world economy next year but said he still expected inflation to recede in 2005 - &quot;provided there are no further significant shocks.
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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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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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Oil prices fell on Monday, on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.
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VIENNA -- High and volatile crude costs may signal ``a new price era," a senior OPEC official said yesterday, insisting that the 11-nation cartel is doing all it can to bring prices down to more reasonable levels.
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The president of the Organization of Petroleum Exporting Countries, Purnomo Yusgiantoro, said global political uncertainties and concerns likely account for US$10 to $15 per barrel, or up to one third, of current world oil prices.
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The high price of oil will continue until the end of March 2008, the president of OPEC said Saturday.
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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OPEC oil producers have said they will rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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OPEC may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to $30 a barrel, the head of the producers&#39; cartel said on Wednesday.
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OPEC president: &quot;The world has enough oil.&quot; Saudi slashes prices; US peak driving season ends. NEW YORK (CNN/Money) - Oil prices eased further Tuesday as the head of OPEC said there was plenty of crude on