OPEC Lifts Quotas, Oil Prices Still Rise
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OPEC on Wednesday lifted oil supply  quotas by one million barrels a day, four percent, in a renewed  bid to force down stubbornly high crude prices.
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Organization of Petroleum Exporting Countries (OPEC) ministers agreed to increase the cartel&#39;s official daily production quota by one million barrels.
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NEW YORK, September 15 (New Ratings) - The core Gulf members of the Organization of Petroleum Exporting Countries (OPEC) have reportedly recommended that the cartel&#39;s official output quota be boosted by 4%, or one million barrels per day.
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Oil turned higher again on Tuesday after retreating from record highs in response to concerns about the U.S. economy and further indications OPEC has already substantially raised oil output.
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NEW YORK, September 16 (New Ratings) - The Organization of Petroleum Exporting Countries (OPEC) has decided to raise its official crude oil output quota by 1 million barrels per day, effective from November 1 this year.
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Oil prices climbed above $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.
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Oil rose on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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Oil prices rose on Friday, ending a  three-day losing streak, as dealers weighed OPEC's threat to  cut production against healthy supplies of crude and gasoline  in the United States, the world's biggest consumer.
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OPEC on Wednesday agreed to lift formal output quotas by one million barrels a day, four percent, to 27 million barrels a day, an OPEC delegate said.
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LONDON  - Oil prices gained more ground as pressure grew within the OPEC cartel assembling in Cairo for an end to above-quota production, so as to force flagging prices upwards.
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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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US light crude jumps back above $42 a barrel as cartel prepares to meet to debate output. CAIRO  - Oil prices rose Thursday as OPEC producers debated whether the recent tumble in prices was severe
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OPEC decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.
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World crude prices climbed on Tuesday, as Qatar&#39;s energy minister said OPEC would not move next week to increase the cartel&#39;s oil output to battle tight global supplies amid strong energy demand.
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World oil prices ticked up from a three-month low on Monday as traders looked for OPEC to take action to stem a slide which knocked 14 percent off crude prices last week.
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U.S. oil prices edged higher for the second day in a row on Tuesday amid calls within OPEC to crack down on excess output at this week's meeting.
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VIENNA: OPECâs core Gulf producers on Wednesday recommended the cartel raise supply quotas by one million barrels a day, four percent, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said.