OPEC To Monitor Impact of US Polls on Oil Prices
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When asked if OPEC will discuss a possible cut in output in the second quarter of 2005 at its meeting next month in Cairo, OPEC President Purnomo Yusgiantoro said: &quot;We do not know yet.
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With the US presidential elections approaching, world oil prices appear to be going down. New York&#39;s main contract, light sweet crude for delivery in December, fell 26 cents to 49.
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DUBAI/ABUJA  - OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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A meeting of OPEC members this week will decide whether to increase its production band and prices, or lower them, amid wildly oscillating oil markets.
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US oil prices held steady Tuesday, as OPEC ministers said the market is well-supplied with oil. Bloomberg News Service reports crude oil for future delivery hovered near $43 a barrel, dropping as low as $42.
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LONDON  - Oil prices rebounded on concerns that OPEC producers might announce a surprise cut in output quotas when they meet later this week, following a recent market sell-off, analysts said.
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OIL prices eased, trimming gains from a US$1 rally the previous day following President George Bushâs US election victory. US light crude eased 19 cents to $50.
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OPEC is concerned by the fall  in the dollar and the producer group will take up the issue  when it meets next week to chart supply policy.
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SHARM EL-SHEIKH, Egypt  - President George W. Bush, wrapping up a Middle East trip on Wednesday, hopes his talks in Saudi Arabia will help encourage OPEC to raise production and dampen oil prices, the White House said.
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As OPEC's leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder whether the cartel's influence has waned at a time when producers outside the cartel such as Russia and Norway are gaining clout.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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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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DAYTON, Ohio  - The Bush administration is closely  monitoring U.S. crude oil prices as they approach the key  psychological threshold of $50 a barrel, a White House  spokesman said on Monday.
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A senior US Federal Reserve official said Thursday the recent spike in oil prices would almost certainly impact on the US economy, although it may not be as significant as the shocks of the 1970s and 1980s.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss new output curbs.
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OPEC oil producers meeting here this week are likely to clamp down on excess supply has that helped lower prices from record highs and will discuss how much to raise their price target, cartel officials said yesterday.