Oil prices: OPEC urges US to act
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OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
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Opec has raised its output quotas in an attempt to bring oil prices below $40 a barrel. The cartel of leading oil producers says it will pump another million barrels of crude a day, bringing total output to 27 million barrels a day.
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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OPEC will consider raising its average price band at a meeting next week, but has forecast crude prices to fall by up to a third once elections in the US and Iraq are completed.
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As crude oil beat records every day in August, the Organization of Petroleum Exporting Countries (OPEC) tried to persuade markets that it was working hard to get prices down.
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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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Oil prices increased on Monday for the first time in a week, reaching $43 a barrel after the US consulate in Saudi Arabia was attacked, and amid growing concerns that OPEC may try to stabilize oil prices after last week&#39;s sharp sell off.
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OPEC'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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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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OPEC is united on the need to raise its oil price target to an average $30 a barrel, but the cartel has yet to agree on when to implement the higher level, a top Iranian oil official said on Thursday.
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Nigeria wants OPEC to raise its price band to be more in line with market reality, the country's top oil official, Edmund Daukoro, said following similar calls by Libya and the United Arab Emirates.
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The president of the Organisation of Petroleum Exporting Countries says he has asked the US to release some of its emergency crude oil stocks.
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Opec's president says oil supply is adequate as the price of US light, crude comes within 4 cents of its all-time record.
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The Organization of Petroleum Exporting Countries wants oil prices to fall faster to an ideal price of around US$30 a barrel, and will discuss whether to increase production at a meeting next month, the group&#39;s president said Thursday.
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The head of the Organization of Petroleum Exporting Countries (OPEC) has called on the United States to release some of its oil reserves to help reduce world oil prices.
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LONDON - 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.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.