The Incredible Lightness of Being OPEC
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From a distance, this OPEC meeting will look just like all the others of the past few decades. By the evening of Sept. 14, the oil ministers of the Organization of Petroleum Exporting Countries and their entourages
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Despite the world's rapt attention to its meetings, OPEC gatherings mean very little.
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Business & money: Opec under fire as US crude nears $100 a barrel.
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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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Opec's president says oil supply is adequate as Brent crude hits a record $46 a barrel and US light crude hovers 4 cents below its all-time record.
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Light sweet crude for delivery in January traded at US$49.41 a barrel late Monday afternoon in Asian trade, up US$0.52 from the contract&#39;s closing price Friday on the New York Mercantile Exchange.
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With the world so focused on the rising price of a barrel of light crude oil, it&#39;s a wonder that people even get into their cars and drive around anymore.
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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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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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Oil prices rebounded to above $66 a  barrel on Tuesday, with bargain-hunting traders ending a  six-day retreat after Iran sounded a softer note on its atomic  program and OPEC agreed to keep production steady for now.
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Oil was steady on Thursday, hovering  nearly $2 shy of its record high of $89 a barrel as one OPEC  minister raised the prospect of another output increase and  U.S. data showed rising inventories and weak demand.
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Oil climbed above $61 to its highest this year on Friday after top fuel consumer the United States reported an unexpected drop in gasoline stocks and Iran said it would show 'no weakness' over its nuclear program.
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Brent crude hits a record $46 a barrel, and US light crude hovers just below its all-time high despite reassurances over supply from Opec.
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Purnomo Yusgiantoro, president of the Organization of Petroleum Exporting Countries (OPEC) said supplies were growing faster than demand, sparking a continue ddecline in oil prices and a sign that petroleum production has remained somewhat stable despite
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Oil prices have fallen in recent weeks from record highs, relieving the anxieties of consumers and economists alike. However, OPEC recently signaled that it&#39;s not ready for the price of black
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Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah has said that OPEC countries were &quot;satisfied&quot; with the current price of oil but were concerned about stocks.
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Jakarta - 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 said Monday.