OPEC Head Sees Oil Price Drop in Sept.
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The head of the Organization of Petroleum Exporting Countries forecast on Monday global crude prices would soon fall, partly because of expected supply increases from Iraq.
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JAKARTA  - Worldwide demand for oil is expected to drop by about one million barrels per day by the second quarter of 2005 after the northern hemisphere&#39;s winter season ends, OPEC&#39;s president said.
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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 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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Global oil prices should soon fall, partly because of expected supply increases from Iraq, the head of the Opec cartel forecast today.
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Oil prices eased on Friday as OPEC  looked set to keep output unchanged at its meeting this  weekend, although concern ahead of Sunday's election in Iraq  limited the fall.
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ABUJA, Nigeria  -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.
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Oil prices fall as it emerges that supply from Iraq will not be affected by a bomb blast and Opec's  members are already producing more oil.
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The head of the Organization of Petroleum Exporting Countries (OPEC) has called on the United States to release some of its oil reserves to help reduce world oil prices.
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Oil prices will only fall if global conflicts are resolved, the boss of oil prducers&#39; organisation Opec has warned. Opec president Purnomo Yusgiantoro said its members were increasing production to meet high
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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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Oil prices slid early on Monday after  several OPEC producers signaled the cartel could wait until its  mid-March meeting to make any production cuts.
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Oil prices eased further on Tuesday, as the head of the OPEC cartel said markets were well-supplied with crude and traders continued to take profits from this year's 40 percent rally.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as members enforce their decision to lower output, ministers said.
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Saudi Arabia and some other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.
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Oil prices fell on Monday, extending the previous session'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.