OPEC can do nothing about high oil price: Qatar
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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's Energy Minister said on Wednesday.
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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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Gas-producing countries will discuss the idea of forming a "gas OPEC" along the lines of the existing oil cartel in June in Moscow, Qatar's energy minister said on Friday.
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Qatari Energy Minister Abdullah al-Attiyah  said on Tuesday that $30 a barrel was a fair price for oil -- a  level nearly $20 below U.S. crude futures.
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KUWAIT CITY - Opec is considering raising its price band to between 28 and 30 dollars a barrel, Qatar&#39;s Energy Minister said in comments published yesterday, ahead of a crucial meeting of the group.
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The supply of oil is still outstripping demand after OPEC, the producer of more than a third of the world&#39;s output, begins to reduce production to prop up falling prices, the Qatari oil minister said.
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OPEC ministers decided after a meeting to keep the cartel's official output ceiling at 28.0 million barrels of oil per day, Qatari Energy Minister Abdullah bin Hamad al-Attiyah said.
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JAKARTA/DUBAI  - 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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Saudi Arabia does not object to OPEC raising the current price band when oil-producing nations meet Sept. 15 and is negotiating the level with other oil-rich Gulf countries, a Saudi oil official said Sunday.
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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 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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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 cannot rule out cutting oil  production if oil prices slide further before the producer  group meets next Friday, a senior OPEC delegate said on Friday.
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OPEC producers have said they see little impact on economic growth so far from oil's relentless price surge, which Wednesday racked up yet another record high.
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Qatari Energy Minister Abdullah al-Attiyah said on Tuesday that &#36;30 a barrel was a fair price for oil -- a level nearly &#36;20 below U.S. crude futures.
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OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.