OPEC says speculation to blame for high oil prices
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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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Oil prices fell on Monday, extending the  previous session&#39;s decline, after remarks by oil producer group  OPEC that it was concerned about the potential impact of high  oil prices on the global economy.
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VIENNA - OPEC sought to reassure jittery oil markets yesterday by agreeing to boost crude production by 500,000 barrels a day - a move the cartel conceded was prompted partly by "clouds on the horizon" from the US housing slump.
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OPEC President Edmund Daukoru said on  Saturday he was very concerned by the fall in oil prices and it  presented the exporter group with issues to discuss at its  meeting on Monday.
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Opec oil producers had already moved to rein in excess supply, they said on Saturday, a day after doubts over the group&#39;s resolve to cut quotas sent prices into a tailspin.
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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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Oil prices fell sharply on Wednesday  after the head of producer group OPEC said the market was  oversupplied, outweighing worries that powerful Hurricane Ivan  could disrupt U.S. offshore oil and gas production in the  coming days.
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Oil prices were forced higher today by an outbreak of violence in Saudi Arabia and concerns that Opec may cut output. The cost of a barrel of light, sweet crude oil climbed
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Crude oil futures would need to fall to about $37 a barrel before OPEC decides to cut production, according to a person familiar with the thinking of the cartel's top officials.
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OPEC can do nothing to douse scorching  oil prices when markets are already oversupplied by 2.8 million  barrels per day (bpd) of crude, Iran's OPEC governor said  Saturday, warning that prices could fall sharply.
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Prices of crude oil on the world market will go up after the Organization of Petroleum Exporting Countries (OPEC) decided Friday to cut oil production by1 million barrels a day, said a Mexican analyst on Sunday.
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OPEC president: &quot;The world has enough oil.&quot; Saudi slashes prices; US peak driving season ends. NEW YORK (CNN/Money) - Oil prices eased further Tuesday as the head of OPEC said there was plenty of crude on
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OPEC may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to $30 a barrel, the head of the producers&#39; cartel said on Wednesday.
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As crude oil beat records every day in August, the Organization of Petroleum Exporting Countries (OPEC) tried to persuade markets that it was working hard to get prices down.
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MARK COLVIN: The president of the world&#39;s most influential oil cartel, OPEC, confirmed today that oil prices were being bumped up by what&#39;s known in the business as a &quot;political premium&quot;.
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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 President Purnomo Yusgiantoro highlighted the impact of the current high oil prices, saying the direct contribution of the increase in global oil prices to the economic slowdown