OPEC warns bio-fuels could lead to soaring oil prices: report
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The Organization of Petroleum Exporting Countries has warned that the drive for environment-friendly bio-fuel risked pushing oil prices &quot;through the roof,&quot; the Financial Times reported Wednesday.
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Biofuels, championed for reducing energy  reliance, boosting farm revenues and helping fight climate  change, may in fact hurt the environment and push up food  prices, a study suggested on Tuesday.
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OPEC may decide to increase oil output  at its February 1 meeting in Vienna if supply is not  sufficient, Indonesia's OPEC governor told Reuters on Thursday.
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As record high prices raise concerns about future supplies of oil, the International Energy Agency, in a new report, stressed the need for oil-producing countries and international
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PLEAS FOR OIL: President Bush warned Tuesday that surging oil prices threaten the U.S. economy and urged OPEC nations to boost their output. His plea drew little sympathy from oil-rich Saudi Arabia, which said production levels appear normal.
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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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A U.N. expert on Friday called the growing practice of converting food crops into biofuel "a crime against humanity," saying it is creating food shortages and price jumps that cause millions of poor people to go hungry.
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PARIS, Jul 13 (IPS) - While oil profits have flooded into countries such  as Angola and Nigeria in recent decades, some African observers  see new potential for the continent in the form of increasingly  in-demand biofuels.
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OPEC, pumping oil at the fastest pace in 25 years, has little ammunition left to reduce near- record prices at a meeting this week, and some analysts are forecasting crude above $40 a barrel for the rest of the year.
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By H. JOSEF HEBERT WASHINGTON - A push from Congress and the White House for huge increases in biofuels, such as ethanol, is prompting the oil industry to scale back its plans for refinery expansions. That could keep gasoline prices high, possibly for years to come.
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OPEC can do nothing to douse scorching  oil prices when markets are already oversupplied by 2.8 million  barrels per day (bpd) of crude, Iran's OPEC governor said  Saturday, warning that prices could fall sharply.
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Oil prices hit record highs on  Thursday, fueling gains in some energy stocks, but fears that  high power costs will dent household incomes, raise firms'  expenses and hurt global growth weighed on Asian share markets.
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The world economy will face higher prices than in the past decade as more oil comes from &quot;politically unstable&quot; countries, such as Saudi Arabia and Russia, and production costs rise, the International Energy Agency warned on Tuesday.
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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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Fifteen months ago, key members of the Organization of the Petroleum Exporting Countries said that the steep price of oil, about $70 a barrel, was a concern because it might endanger global economic growth -- and stifle global demand for oil.
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A long-term upward shift in oil prices would curb fuel demand growth over the next 25 years and hurt OPEC by driving consumers away from the cartel&#39;s supply, the International Energy Agency said on Tuesday.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target to prevent  a glut next year.