Opec to cool crude boil with additional gallons
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: Opec on Wednesday lifted oil supply quotas by one million barrels a day, 4 per cent, in a renewed bid to force down stubbornly high world crude prices.
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Oil prices rose for a third straight  session on Friday as OPEC agreed to curb leakage over official  output limits to stem a price slide from October's record  highs.
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NEW YORK, September 16 (New Ratings) - The Organization of Petroleum Exporting Countries (OPEC) has decided to raise its official crude oil output quota by 1 million barrels per day, effective from November 1 this year.
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Saudi Arabia says it is ready to push an extra 1.3 million barrels a day of oil into the market, to help reverse surging prices.
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The Organization of the Petroleum Exporting Countries has agreed to increase output by one million barrels a day in a move to lower oil prices.
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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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Saudi Arabia plans to expand its oil output capacity by 14 percent over the next few years to avert shortages as demand rises, the nationâs oil minister said Monday.
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Major Gulf oil producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if crude prices remain at record levels, a move that would bring the cartel's formal production limits in line with actual supplies.
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OPEC will increase its official oil production target by one million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit all year.
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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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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 plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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OPEC, the producer of more than 40 percent of the world's oil, is supplying the international market with enough crude and cannot be blamed for record prices, the group's new president said Saturday.
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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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OPEC oil ministers yesterday backed steps to end overproduction when members of the oil cartel meet in Cairo today. Saudi Arabia and others were authorised to open the taps in August as
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut daily output by at least 1 million to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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By Edmund Blair and Barbara Lewis CAIRO  - OPEC oil producers on Friday agreed to stamp out excess supply that has lowered world prices from record highs.