OPEC can do nothing about high oil price: Qatar
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OPEC can do nothing about the high price of oil because factors other than crude supply have sent the market to near record levels, Qatar's Energy Minister said on Wednesday.
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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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Oil dropped over $2 to below $58 on Monday after leading exporter Saudi Arabia, fellow OPEC member Qatar and OPEC's head of research said the organization may steer away from further supply cuts at its March 15 meeting.
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The supply of oil is still outstripping demand after OPEC, the producer of more than a third of the world&#39;s output, begins to reduce production to prop up falling prices, the Qatari oil minister said.
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Oil prices dropped by more than $1 on   Monday after OPEC agreed to keep pumping at high rates to   ensure world consumers were well-supplied despite a 20 percent   fall in prices since mid-July.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president told reporters on Sunday.
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Most OPEC oil ministers held the line on  Sunday that current output is sufficient to meet demand, but  the world&#39;s biggest exporter Saudi Arabia was silent ahead of a  September 11 meeting to chart production policy.
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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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Jakarta - Opec production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president said Monday.
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India News, New Delhi, Ending the suspense of the past few days, the government Friday decided not to increase prices of petroleum products, even as oil prices continued to rule at high levels in global markets.
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OPEC production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.
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CAIRO  - The Organisation of Petroleum Exporting Countries (OPEC) is expected to take a &quot;wait and see&quot; stance on what action to take in the face of a fall in oil prices, several ministers said ahead of a cartel meeting.
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OPEC dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near $90 a barrel.
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OPEC cannot rule out cutting oil  production if oil prices slide further before the producer  group meets next Friday, a senior OPEC delegate said on Friday.
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VIENNA: OPEC is keeping its foot to the pedal on oil production in a bid to push crude prices back below $40 a barrel. Risking a counter-seasonal fourth quarter build in world crude stocks, Saudi Arabia will
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NEW YORK - Oil's record rally stalled yesterday after an OPEC minister said the group could not rule out another output hike and may call an early formal meeting next month in Saudi Arabia.
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The Organization of the Petroleum  Exporting Countries has no plan to hold a meeting before its  scheduled conference in December, an OPEC official said on  Friday.