OPEC Hawks Want to Keep Prices High
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Raise prices. Ease production. For weeks ahead of this week's OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high - and lowering output.
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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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As crude oil beat records every day in August, the Organization of Petroleum Exporting Countries (OPEC) tried to persuade markets that it was working hard to get prices down.
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OPEC President Purnomo Yusgiantoro said on Friday he was concerned with the continuing rise in global oil prices, but the cartel had not yet seen a cost-driven increase in inflation.
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OPEC is united on the need to raise its oil price target to an average $30 a barrel, but the cartel has yet to agree on when to implement the higher level, a top Iranian oil official said on Thursday.
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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts dismissed as symbolic because the cartel already is pumping more than its new target.
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Saudi Arabia is urging global oil stocks be increased before the world&#39;s crude oil cartel consider cutting output. Members of the Organization of Petroleum Exporting Countries
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OPEC producers can agree on one thing: High crude oil prices are not their fault. But on Tuesday there were indications that leading members of the oil cartel were looking
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It looks like OPEC wants to have its cake and eat it too.
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TEHRAN/LONDON  - OPEC officials lined up to say the exporter group could do little to tame oil prices that hit $100 a barrel for the first time on Wednesday and world markets had enough crude oil.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.
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World oil prices should remain next year around current levels and OPEC's existing price target band should be raised because it has failed to reflect the market, Venezuela's energy minister said on Sunday.
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The Organization of Petroleum Exporting Countries is likely to keep production at a 25-year high to prevent shortages during the US winter and lower prices, OPEC officials said.
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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts
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LONDON  - Oil prices gained more ground as pressure grew within the OPEC cartel assembling in Cairo for an end to above-quota production, so as to force flagging prices upwards.