OPEC insists speculation to blame for high oil prices
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VIENNA : OPEC insisted that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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Oil dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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OPEC oil producers on Thursday weighed up whether heavy recent price falls were severe enough to warrant cutting back excess supply at Friday's ministerial meeting.
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The Organization of Petroleum Exporting Countries (OPEC) says it is doing everything it can to stabilize oil prices. The reality, however, is that
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The Organization of Petroleum Exporting Countries (OPEC) expects to find a solution with non-OPEC members and oil companies to jointly stabilize oil prices at their meeting next month, OPEC president Purnomo Yusgiantoro said.
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LONDON, Oct 11  - The Organization of Petroleum Exporting Countries says it is doing everything possible to help cool record high oil prices but its inability to meet markets&#39; wishes reduces its credibility and influence, analysts said Monday.
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VIENNA -- High and volatile crude costs may signal ``a new price era," a senior OPEC official said yesterday, insisting that the 11-nation cartel is doing all it can to bring prices down to more reasonable levels.
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Opec oil producers had already moved to rein in excess supply, they said on Saturday, a day after doubts over the group&#39;s resolve to cut quotas sent prices into a tailspin.
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Oil prices fell on Monday, extending the  previous session&#39;s decline, after remarks by oil producer group  OPEC that it was concerned about the potential impact of high  oil prices on the global economy.
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Nagging concerns about tight heating oil supplies and increasing pressure within OPEC to rein in overproduction sent oil prices above US$43 a barrel on Thursday.
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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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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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LONDON - Oil prices eased further today, as the head of the OPEC cartel said markets were well-supplied with crude and traders continued to take profits from this year&#39;s 40 percent rally.
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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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OPEC can do nothing about the high price  of oil because factors other than crude supply have sent the  market to near record levels, Qatar&#39;s Energy Minister said on  Wednesday.
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When the secretary general of the Organization of the Petroleum Exporting Countries spoke in London in October 2003, he advocated moderation in oil prices, sounding a familiar OPEC theme that extremely high prices could drive off consumers.
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Oil prices are very low, harming investment in the industry, and action should be taken to steady the market, OPEC president Edmund Daukoru said yesterday .