OPEC Raises Output by 1 Million bpd.; Tries to Gain Consumer ...
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A meeting of the Organization of Petroleum Exporting Countries (OPEC) has resulted in an increase of the cartelâs official oil production ceiling by one million barrels per day (bpd).
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"Further Turkish military efforts against the PKK rebels keeps the geopolitical pot boiling in that oil flows from Iraq could potentially be disrupted"  LONDON * Oil rose to a one-month high above $96 a barrel yesterday ahead of a US government report expected to show crude inventories in the world's top consumer fell for a sixth straight week. via The Peninsula
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Oil surges to a record of nearly $79, despite Opec saying it will boost oil output to ease cost pressures.
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JEDDAH, 29 September 2004 - With oil prices soaring to record highs, Saudi Arabia announced yesterday it would increase its production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb the prices.
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Here's a way to benefit from an increase in the global demand for oil.
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Oil rose nearly $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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Opec has raised its output quotas in an attempt to bring oil prices below $40 a barrel. The cartel of leading oil producers says it will pump another million barrels of crude a day, bringing total output to 27 million barrels a day.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut production by at least 1 million barrels per day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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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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OPEC decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.
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OPEC on Wednesday agreed to lift formal output quotas by one million barrels a day, four percent, to 27 million barrels a day, an OPEC delegate said.
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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JAKARTA/DUBAI  - OPEC is united on the need to  raise its oil price target to an average $30 a barrel, but the  cartel has yet to agree on when to implement the higher level,  a top Iranian oil official said on Thursday.
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OPEC will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.
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Oil prices jumped more than 3 percent  on Tuesday to a one-month high of $99 a barrel as expectations  that OPEC will keep production tight spurred supply concerns.
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So Opec has raised its members&#39; production quotas once again, and like last time - in Beirut in June - their action did not bring prices down very much.
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JAKARTA OPEC is doing all it can to stabilize the world oil market and will increase spare output capacity by about one million barrels per day in the next few months, the cartel&#39;s president said Monday.