Nigeria opposes OPEC oil quota increase, wants higher price band
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Nigeria opposes an increase in OPEC's production quota but wants the 11-member cartel to lift an official price band to be more in line with market reality, the country's top oil official said.
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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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Global oil prices rise as Venezuela and Nigeria say they are cutting production.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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A four-day strike against fuel price rises in Nigeria, Africa's biggest oil producer, begins.
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afrol News, 11 October - Nigeria&#39;s trade unions today again lashed out against the hike in prices of petroleum products, organising a nation-wide strike.
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SINGAPORE: Oil prices stayed on the boil above $53 a barrel on Monday, bolstered by persistent anxiety over Opec member Nigeria and the nearly month-long loss of a quarter of US Gulf of Mexico production, traders said.
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Saudi Arabian Oil Minister Ali al-Naimi Wednesday questioned the need for OPEC oil producers to rein in oil supply, saying the cartel&#39;s reference crude price was still above its official target despite steep recent falls.
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Two OPEC members are pledging to increase supply or boost reserves as oil prices spiral higher, according to media reports Sunday.
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Oil prices rise above $71 amid the prospect of more sanctions against Iran and a strike threat in Nigeria.
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OPEC is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing U.S. economy and the onset of seasonally lower demand in the spring.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target to prevent  a glut next year.
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OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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NEW DELHI, Oct. 31. - The government today asked oil marketing companies not to hike price of petroleum products for another fortnight.
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Venezuela, OPEC&#39;s third-largest oil producer, said the group shouldn&#39;t raise its output targets at this week&#39;s meeting in Vienna.
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WASHINGTON -- Oil prices edged higher yesterday amid violence in Nigeria and concerns that OPEC may reduce output when it meets next week, but buying was kept in check by forecasts calling for warmer US weather next week.
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Oil future prices climbed to a new high in New York on Monday as a strike began in NigeriaâAfrica&#39;s largest exporter of crude oil.