OPEC: 'Very Small' Impact from Surge
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OPEC producers have said they see little  impact on economic growth so far from oil's relentless price  surge, which Wednesday racked up yet another record high.
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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.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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Crude oil fell as OPEC President Purnomo Yusgiantoro said the group may raise its spare production capacity to as much as 2.5 million barrels a day by the end of this year, reducing concern about shortages.
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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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PARIS Early last summer, OPEC looked as though it had successfully absorbed tremendous shocks to the oil market - a strike in Venezuela, ethnic clashes in Nigeria, attacks on foreign workers in Saudi Arabia, a war in Iraq.
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BEIRUT: Oil hit a four-month low Friday despite OPEC&#39;s decision to cut output by around 4 per cent in a bid to reverse the recent sharp fall in prices.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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Just at the moment the U.S. economy could use a boost, the recent surge in oil prices is having the opposite effect.
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Oil surges to a record of nearly $79, despite Opec saying it will boost oil output to ease cost pressures.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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Oil&#39;s advance wavered a little on Friday as the US government prepared to lend out some strategic crude stocks, but traders said the amounts were small and that supply worries remained.
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The move will not add any oil to the market as most of OPEC's members are already producing well above their quotas and near their maximum capacity.
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WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.
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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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Despite the world's rapt attention to its meetings, OPEC gatherings mean very little.
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OPEC producers have said they see little impact on economic growth so far from oil&#39;s relentless price surge, which Wednesday racked up yet another record high.