Some Wonder if OPEC Is Still Relevant
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As members of OPEC ready for a key meeting on whether to adjust oil prices, some petroleum companies and analysts are wondering if the cartel is becoming irrelevant in the modern, global economy.
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Crude oil prices may rise if OPEC ministers meeting in Nigeria this week decide to reduce oil output again because of worries that non-OPEC supplies may rise at a greater rate than  world oil demand in 2007, the U.S. Energy Information Administration warned on Wednesday.
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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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OPEC's hold on the oil market, and thus on the world economy, looks set to grow sharply in the coming decades, with profound economic and geopolitical implications.
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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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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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Oil prices have fallen in recent weeks from record highs, relieving the anxieties of consumers and economists alike. However, OPEC recently signaled that it&#39;s not ready for the price of black
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LONDON, NOVEMBER 29: Opec will not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said.
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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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TEHRAN/LONDON  - OPEC officials lined up to say the exporter group could do little to tame oil prices that hit $100 a barrel for the first time on Wednesday and world markets had enough crude oil.
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The OPEC countries are scheduled to meet this week in Cairo to discuss whether the current high in oil production is to be maintained or curtailed.
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OPEC producers can agree on one thing: High crude oil prices are not their fault. But on Tuesday there were indications that leading members of the oil cartel were looking
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: The OPEC price band for crude oil should be raised to reflect inflation since 2001 and the falling US dollar, Purnomo Yusgiantoro, Indonesia&#39;s oil minister and secretary general of the Organization of Petroleum Exporting Countries
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Although oil prices have remained at historically high levels for a while, market watchers and government officials said that complications might not be overwhelming due to an upgrading of the country&#39;s industrial structure.
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US light crude jumps back above $42 a barrel as cartel prepares to meet to debate output. CAIRO  - Oil prices rose Thursday as OPEC producers debated whether the recent tumble in prices was severe
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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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.