OPEC Frets Over Excess Supply
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Nervous OPEC oil producers on Wednesday  sized up how rapidly this week's ministerial meeting should  rein in a supply surge that has helped drag crude prices down  by a quarter in barely six weeks.
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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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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal
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OPEC has stressed its view that high oil prices were a result of speculation and pledged 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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OPEC may soon have to curtail output to end a six-week slide in prices and prevent inventories from increasing, officials from Libya and Indonesia said.
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The price of oil jumped above $48 a barrel Monday on concerns about tight winter fuel supplies mixed with speculation that OPEC may scale back output.
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a large increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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After producing at the fastest pace in 25 years, the cartel is ready to cut back, but just a bit. CAIRO, Egypt  - Oil prices rose Friday as OPEC oil producers were poised to stamp out excess supply that has lowered world prices from record highs.
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Nervous OPEC oil producers on Wednesday  sized up how fast this week's ministerial meeting should rein  in a supply surge that has helped cut crude prices by a quarter  in barely six weeks.
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OPEC may decide to increase oil output  at its February 1 meeting in Vienna if supply is not  sufficient, Indonesia's OPEC governor told Reuters on Thursday.
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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OPEC oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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OPEC President Purnomo Yusgiantoro said on Thursday that OPEC should continue to produce above its official ceiling rather than tighten output to support prices.
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VIENNA: The spike in oil prices is stoking heated arguments between market players, who blame each other for lack of output capacities that has been exposed by strong global demand.
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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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No. 1 exporter pledges to hold production levels but is wary of boosting quotas and glutting market. VIENNA  - OPEC is keeping its foot on the production pedal in a bid to drag down oil prices, but