Oil market is still oversupplied - OPEC president
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The global oil market is still oversupplied and prices could be higher despite a rally that has taken them above $60 a barrel, OPEC President Edmund Daukoru of Nigeria said on Monday.
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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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OPEC oil producers have said they will rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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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
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OPEC is unlikely to change production at   its meeting this month and, due to high prices, is likely to   continue supplying the market more than demand, Iran's OPEC   governor Hossein Kazempour Ardebili said on Saturday.
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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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LONDON  - Oil prices eased further on Tuesday, as the head of OPEC cartel said that markets were well-supplied with crude and traders continued to take profits from this year's 40 percent rally.
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Venezuelan president Hugo Chavez said today in Moscow that 50 US dollars per barrel of oil is âan acceptable priceâ adding that OPEC (Oil Petroleum Exporting Countries) must make sure the price does not drop below 30 US dollars.
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OPEC, the producer of more than 40 percent of the world's oil, is supplying the international market with enough crude and cannot be blamed for record prices, the group's new president said Saturday.
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THE president of Opec, the oil producers&#39; cartel, called an end to the season of high crude oil prices by stating that stocks had returned to normal levels.
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ABUJA/LONDON  - OPEC President Nigeria called on its fellow OPEC countries to make deeper output cuts on Tuesday as prices tumbled to an 8-month low below $59 a barrel and the tide showed no sign of turning.
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OPEC will take one million barrels of oil  a day off oversupplied world markets as soon as possible with  its first output cut in more than two years, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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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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OPEC is unlikely to change production at  its meeting this month and, due to high prices, is likely to  continue supplying the market more than demand, Iran's OPEC  governor Hossein Kazempour Ardebili said on Saturday.
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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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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.