Saudis to soothe oil fears with 37% production boost
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The current oil price boom is &quot;significantly&quot; different from the politically driven price spikes of the 1970s, Saudi Arabia&#39;s energy minister said in London yesterday.
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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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Leading OPEC producer Saudi Arabia said on Monday it had made a renewed effort to deflate record high world oil prices by upping crude output again.
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Saudi Arabia, the most powerful member of the Organisation of the Petroleum ExportingCountries, said yesterday thatglobal oil stocks needed to increase before Opec
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LONDON - The worldâs oil refiners are unimpressed by Saudi Arabiaâs boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.
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World oil prices rose on Friday,  boosted by production stoppages due to a severe hurricane in  the Gulf of Mexico and worries that another storm might further  delay imports into the United States.
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Declaring that high oil prices are a threat to the global economy, the world&#39;s industrialized countries urged producers Friday to provide price relief by boosting supplies.
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VIENNA : 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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THE UAE and Kuwait plan to increase oil production capacity by nearly 3,00,000 bpd and 2,00,000 bpd respectively in the short term in a bid to stabilise the market, which has been rocked by high oil prices touching $53 per barrel prior to the week end.
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Top oil exporter Saudi Arabia vowed  Sunday to guarantee world crude supplies and said it would hold  1.5-2.0 million barrels per day of spare production in reserve.
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WARSAW/DOHA  - Saudi Arabia and other OPEC members said on Wednesday they are not to blame for near-record oil prices, pointing the finger at a global shortage of refinery capacity and international political tension.
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Saudi Oil Minister Ali al-Naimi said in Abu Dhabi yesterday that his country was ready to meet rising demand for crude oil to ease the surge in world prices.
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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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Top world oil exporter Saudi Arabia  vowed on Sunday to maintain a cushion of spare supplies of up  to 2 million barrels per day (bpd) to meet future demand  growth.
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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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President Bush is hopeful that after talks with Saudi King Abdullah OPEC will authorize an increase in oil production to ease pressure on prices.
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Nervous OPEC oil producers on Wednesday  sized up how rapidly this week's ministerial meeting should  rein in a supply surge that has helped drag crude prices down  by a quarter in barely six weeks.