OPEC moves to reassure markets
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VIENNA In a largely symbolic decision, OPEC agreed on Wednesday to increase its formal production ceiling by 1 million barrels a day, underlining the group&#39;s resolve to bring down high oil prices.
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Saudi Arabia and other Gulf Arab states back a token rise in OPEC oil output in a gesture to consumer nations worried by the economic impact of $76 oil and rapidly diminishing stocks, an OPEC source said on Monday.
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Oil prices were steady on Wednesday as  Hurricane Ivan's effect on crude output and refineries in the  Gulf of Mexico balanced OPEC's attempts to reassure traders  with a four percent output ceiling hike.
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OPEC was meeting on Tuesday to consider  a modest rise in oil output proposed by Saudi Arabia and other  Gulf Arab states in a gesture to consumers worried by the  economic impact of $77 oil and rapidly diminishing stocks.
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VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers decided to keep output at present levels at their meeting Friday out of fear that a softening global economy will translate into weakened demand.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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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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Raise prices. Ease production. For weeks ahead of this week&#39;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 -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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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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Oil held around $60 on Friday, as traders weighed OPEC's plans to cut production against overflowing stockpiles in top consumer the United States.
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Oil prices steadied Friday, after  Thursday's 5 percent surge, as OPEC producers signaled their  readiness to defend prices by cutting global supply.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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Two OPEC members are pledging to increase supply or boost reserves as oil prices spiral higher, according to media reports Sunday.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.