OPEC Ponders Modest Rise in Oil Quotas
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OPEC is pumping near flat out in a bid to drag down oil prices but will not rubber-stamp all its extra output with a big increase in formal supply
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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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OPEC decided at its ministerial meeting here Wednesday to increase its oil production ceiling by 1 million barrels a day beginning Nov. 1, but the decision will have little real impact on the high oil prices.
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Opec oil producers recommend no change in output quotas ahead of Sunday's meeting in Austria.
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OPEC members were expected to increase the cartel's production during a meeting Wednesday by 1 million barrels a day to meet the global demand for oil. But analysts contended that any decision by the group would likely have little effect on high oil prices.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from an immediate cut that risks pushing up prices and damaging economic growth.
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As OPEC ministers prepare to meet Monday, the question on their minds is not how high oil prices will rise, but how far they may drop.
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Kuwait on Tuesday called on OPEC to raise official oil production quotas by a token 500,000 barrels a day to help further calm world oil markets.
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As OPEC's leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder whether the cartel's influence has waned at a time when producers outside the cartel such as Russia and Norway are gaining clout.
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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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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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OPEC oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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NEW YORK : World oil prices rose on Wednesday as traders reacted coolly to news of a rise in US commercial energy reserves, sweating instead about an OPEC gathering in Cairo this week.
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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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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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Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC's oil this year, the producer group said on Tuesday, dimming the prospect of an increase in supplies at its meeting next week.