G7 seeks boost in oil production
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Officials from the world's seven largest economies urge oil producers to increase supply to bring down prices.
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Leading OPEC producer Saudi Arabia said on Monday in Vienna, Austria, that it had made a renewed effort to deflate record high world oil prices by upping crude output again.
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Finance chiefs from the biggest  developing economies on Saturday pushed the Group of Seven (G7)  industrialized nations for a seat at the high table of global  economic policy making.
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The United States must diversify its  global oil supplies, expand a world network of strategic  petroleum reserves and raise fuel efficiency standards to  ensure its energy security, a panel of experts recommended on  Wednesday.
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Germany and Britain plan to present a joint initiative aimed at boosting transparency on the oil markets to tomorrow's meeting of G7 finance ministers in Washington, a German government source says.
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High oil prices pose a risk to the  global economy, but the economic outlook for 2005 is still  favorable, the Group of Seven nations said in a statement  following their meeting on Friday.
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Worried soaring oil prices could  hurt the best global prospects in years, finance chiefs from  wealthy nations met on Friday to try to work out what lay  behind the surge and how to buffer the economic expansion.
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The United States must  diversify  its global oil supplies, expand a world network of strategic  petroleum reserves and raise fuel efficiency standards to  ensure its energy security, a panel of experts will recommend  on Wednesday.
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World's largest oil reserves, could increase to top 461 billion barrels in a few years, the nation's oil minister said Sunday.
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RIYADH, Saudi Arabia, Jan. 15 -- With oil prices hovering around $90 a barrel, President Bush on Tuesday urged oil-rich countries to raise their output, but Saudi Arabia's oil minister said the world's largest producer would do so only "when the market justifies it."
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OPEC&#39;s president says the organisation&#39;s production levels are increasing to meet escalating demand, but he believes over-inflated prices can be brought down only by resolving global conflicts.
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OPEC will increase the cartel&#39;s oil production by 1 million barrels a day to meet the global demand for oil. Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said the cartel
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Three Gulf countries -- the United Arab Emirates (UAE), Kuwait and Saudi Arabia -- promised Sunday to increase their oil output capacity to help stabilize world prices, the official WAM news agency reported.
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The Group of Seven industrial nations called on oil-producing states to provide ``adequate supplies&#39;&#39; and Asian nations to loosen currency pegs to help sustain the strongest world expansion in three decades.
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The Anglo-Dutch oil firm sets out to woo investors by explaining how it will boost its oil reserves at an analysts' briefing on Wednesday.
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The oil producers' group is set to meet, with some members pressing for a reduction oil output.
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Investors urge G8 governments for more clarity on climate change policies, to better manage risks.