OPEC president says oil supply sufficient
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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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International oil markets have enough  oil, but a lack of capacity to refine it was contributing to  high prices, OPEC&#39;s president told reporters on Sunday.
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Oil prices rise above $63 a barrel after the president of the Opec producers cartel says he favoured another cut in output.
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Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah has said that OPEC countries were &quot;satisfied&quot; with the current price of oil but were concerned about stocks.
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Iran Oil Minister Kazem Vaziri-Hamaneh said on Monday there is no shortage of crude oil in the market and OPEC has no plans to increase supplies.
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Venezuela&#39;s president said Thursday he supports keeping OPEC oil production at current levels, contracting comments by his energy minister who said last week that Venezuela would support a production cut.
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&quot;There must be a significant reduction in geopolitical tensions&quot; in order for oil prices to stabilize, says OPEC President Purnomo Yusgiantoro.
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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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The Organization of Petroleum Exporting Countries (OPEC) is likely to keep production close to a 25-year high to prevent shortages during the US winter, OPEC officials said.
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The president of the Organization for Petroleum Exporting Countries (OPEC) asked the United States to release some of its emergency oil stocks.
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JAKARTA OPEC is doing all it can to stabilize the world oil market and will increase spare output capacity by about one million barrels per day in the next few months, the cartel&#39;s president said Monday.
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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 on Tuesday.
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The global oil industry has the capacity to meet future demand, BP's chief executive tells newspapers.
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Venezuelan president Hugo Chavez said today in Moscow that 50 US dollars per barrel of oil is âan acceptable priceâ adding that OPEC (Oil Petroleum Exporting Countries) must make sure the price does not drop below 30 US dollars.
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CAIRO - Saudi Arabian Oil Minister Ali Al Naimi said yesterday that world oil stocks were not building too fast and questioned the need for Opec to act on supply with prices still above the groupâs formal target.
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WASHINGTON -- Oil prices fell yesterday as OPEC's president said supplies were growing faster than demand and traders breathed easier knowing that petroleum production in the Gulf of Mexico did not suffer as a result of Hurricane Frances.
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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.