Official: Saudis OK with price band hike
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Saudi Arabia does not object to OPEC raising the current price band when oil-producing nations meet Sept. 15 and is negotiating the level with other oil-rich Gulf countries, a Saudi oil official said Sunday.
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Zimbabwe's government will allow hotels, restaurants and bars to raise their rates by up to 50 percent, state media reported Saturday, in a relaxation of a price-cutting policy aimed at taming soaring inflation rates in the economically beleaguered country.
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LONDON, United Kingdom -- Red-hot world oil prices simmered just above 50 dollars on Wednesday after a pledge by Saudi Arabia to lift output brought only fleeting respite to a market gripped by supply fears, analysts said.
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LONDON  - Red-hot oil prices during 2004, stoked by a surge in global demand and worries about disruptions to supplies, are not harming world economic growth, Saudi Arabia&#39;s oil minister Ali al-Nuaimi insisted.
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A high-ranking minister in the Gulf points a finger at commodity speculators and the "fear factor" for the recent jump in prices
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OPEC ministers are increasingly convinced that current high prices are not hurting global economic growth.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and Saudi Arabia, OPEC's top producer, said it is making good  on a pledge to cut output.
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Vienna: OPEC plans to adjust its price band before the end of the year, although not in order to stabilise the market as it claims but to justify sky-high oil prices, analysts say.
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LONDON - Oil prices hovered near $50 per barrel Tuesday after a Saudi Arabian oil official said the world's largest petroleum exporter would raise its production capacity by nearly 5 percent in a bid to calm markets.    Light sweet crude for November delivery was up 16 cents at $49.80 per barrel in late morning trading on the New York Mercantile Exchange, retreating from the $50.47 high reached in overnight electronic trade...
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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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Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC&#39;s output ceiling if oil prices stay at record levels, a move that
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LONDON, June 7 -- Prince Bandar bin Sultan, a member of Saudi Arabia's royal family and the kingdom's former ambassador to the United States, pocketed about $2 billion in secret payments as part of an $80 billion arms deal between Britain and Saudi Arabia that was first signed in 1985, British media...
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SAUDI minister Ali al-Naimi sought to take some of the heat out of the oil market, by promising that his Kingdom could pump an extra 1.5m barrels a day &#39;immediately&#39; if demand increases.
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OPEC vowed Sunday to do what it can  to deflate record high oil prices that have soared above $53 a  barrel, and top exporter Saudi Arabia promised to keep the  world supplied with as much oil as it needs.
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The Bush administration has welcomed the quick action of Saudi security forces to regain control of the US consulate in Jeddah in Saudi Arabia after it was stormed by militants last night.
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OPEC vowed Sunday to do what it can to deflate record high oil prices that have soared above $53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.
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Saudi Arabia says it is ready to push an extra 1.3 million barrels a day of oil into the market, to help reverse surging prices.