OPEC Finds Few Options to Put a Lid On Oil Prices
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The Organization of the Petroleum Exporting Countries is preparing to meet in Vienna on Wednesday in an unfamiliar and uncomfortable mood: helplessness.
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VIENNA -- Consumers received no solace yesterday from OPEC, which said oil prices near $50 per barrel would remain high through the spring, even as the cartel decided to keep its production ceiling unchanged.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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DOHA - Opec producers are enjoying less of a windfall than US$50 ($70) oil prices suggest, as big discounts for their lower-quality crude and a weak dollar hit export earnings, Opec officials say.
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Saudi Arabia and 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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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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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.
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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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Oil prices continue falling on comments from Iran and Opec that suggest increasing supply is a possibility.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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OPEC can do nothing to douse scorching  oil prices when markets are already oversupplied by 2.8 million  barrels per day (bpd) of crude, Iran's OPEC governor said  Saturday, warning that prices could fall sharply.
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Oil prices were steady near $61 a barrel on Wednesday after hitting a two-week low amid disagreement among OPEC members over whether to cut output.
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Oil prices slumped to their lowest  level in nearly four weeks on Monday as OPEC members signaled  they may leave production unchanged through the rest of the  winter.
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World oil prices ticked up from a  three-month low on Monday as traders looked for OPEC to take  action to stem a slide which knocked 14 percent off crude  prices last week.