OPEC looks at further output hike
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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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Oil prices rise on speculation that producer cartel Opec may unveil  cuts in output at its December meeting.
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Opec ministers gather this weekend to set oil production levels, as traders watch the outcome of the Iraq election and other factors affecting the oil supply.
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Kuwait would back a hike of 1 million barrels per day (bpd) in Opec&#39;s oil output ceiling if crude prices remained at record levels, it said yesterday in a move
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VIENNA, Austria -- Oil prices rose above $62 a barrel Thursday as OPEC delegates said they had agreed in principle to leave production unchanged for now but set the stage for a likely cut of half a million barrels a day in February.
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OPEC will mull raising its oil output quota by up to one million barrels per day at a meeting in a largely symbolic gesture as members are already pumping far above the 26 million ceiling.
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Leading OPEC producer Saudi Arabia said  on Monday it had made a renewed effort to deflate record high  world oil prices by upping crude output again.
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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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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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VIENNA, Austria - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant - given that the cartel is already exceeding the new quota.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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OPEC production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.
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Major Gulf oil producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if crude prices remain at record levels, a move that would bring the cartel's formal production limits in line with actual supplies.
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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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HOUSTON, Dec. 10 -- Energy prices continued to climb Thursday in anticipation that members of the Organization of the Petroleum Exporting Countries would at least curb overproduction at their meeting Friday in Cairo.
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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.