Saudi Questions Need for OPEC Oil Cuts
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OPEC's top producer Saudi Arabia on  Wednesday questioned the need for the cartel to bolster oil  prices by cutting supply, saying the kingdom would keep crude  output at current high levels as long as customers wanted it.
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OPEC was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.
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Saudi Arabia, the most powerful member of the Organisation of the Petroleum ExportingCountries, said yesterday thatglobal oil stocks needed to increase before Opec
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JAKARTA: Opec wants a faster retreat in oil prices and will discuss whether to raise its official oil output ceiling at its September 15 meeting, cartel president Purnomo Yusgiantoro said on Thursday.
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Oil prices steadied on Monday as OPEC member Saudi Arabia cut exports, helping to pull the market back from a five-month low hit earlier amid a bout of fund selling.
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OPEC was meeting on Tuesday to consider  a modest rise in oil output proposed by Saudi Arabia and other  Gulf Arab states in a gesture to consumers worried by the  economic impact of $77 oil and rapidly diminishing stocks.
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CAIRO, EGYPT - OPEC&#39;s top producer, Saudi Arabia, on Wednesday said the cartel&#39;s Friday meeting aims to steady falling oil prices and played down fears among fellow members of a supply surplus.
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LONDON -- Oil prices fell but held above $61 a barrel yesterday as the market awaited OPEC's decision this week on whether to make further production cuts to shore up prices.
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OPEC is discussing an oil output cut of up to 500,000 barrels per day, delayed until February1 when the northern winter is ending, delegates said on Thursday.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss a further cut in output.
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Saudi Arabia&#39;s oil minister said Wednesday that he was happy with OPEC&#39;s current output, while his Libyan counterpart called for a production cut.
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Saudi Arabia and some other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Top OPEC producer Saudi Arabia on  Wednesday questioned the need for OPEC oil producers to rein in  supply, saying the kingdom would keep crude output at current  high levels as long as customers wanted it.
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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, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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The Saudi announcement came after oil prices moved above the US$50 per barrel mark. Oil analyst Deborah White at Societe General bank, said: &quot;The Saudi announcement is not a surprise.
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ABUJA, Nigeria -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.