Nigeria opposes OPEC oil quota increase, wants higher price band
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VIENNA : Nigeria opposes an increase in OPEC&#39;s production quota but wants the 11-member cartel to lift an official price band to be more in line with market reality, the country&#39;s top oil official said.
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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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OPEC on Wednesday lifted oil supply  quotas by one million barrels a day, four percent, in a renewed  bid to force down stubbornly high crude prices.
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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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A nation-wide strike is under way in Nigeria to protest fuel price increases in the oil-rich west African nation. Reports from Abuja, the Nigerian capital, and Lagos, the country&#39;s commercial cenbter, say
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Nigeria&#39;s main oil workers union threatened to join a nationwide strike and shut down the nation&#39;s oil industry as a court rejected a government attempt Wednesday to halt the work stoppage.
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Oil cartel expected to call for tighter compliance with official quota levels at Cairo meeting. CAIRO  - The OPEC oil cartel is unlikely to lower its official production ceiling when ministers meet
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Vienna: OPEC plans to adjust its price band before the end of the year, although not in order to stabilise the market as it claims but to justify sky-high oil prices, analysts say.
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Non-OPEC oil exporters should consider  increasing output to cool record crude prices, OPEC President  Purnomo Yusgiantoro said on Sunday.
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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 will consider raising its average price band at a meeting next week, but has forecast crude prices to fall by up to a third once elections in the US and Iraq are completed.
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OPEC's core Gulf producers will  recommend the cartel raise supply quotas by one million barrels  a day, four percent, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd  al-Sabah said on Wednesday.
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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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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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OPEC oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.
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afrol News, 11 October - Nigeria&#39;s trade unions today again lashed out against the hike in prices of petroleum products, organising a nation-wide strike.