DOE seeks reduction of oil prices
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Energy Secretary Vince Perez Thursday called on oil companies to reduce oil prices in two weeks&#39; time following a decision by the Organization of Oil Exporting Countries (OPEC) to raise its supply quota by 1 million barrels a day.
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&quot;We have asked them (the United States) to use their oil reserves to help cool down the prices,&quot; OPEC President Purnomo Yusgiantoro, who is also Indonesia&#39;s minister of energy and mineral resources, told reporters.
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The Organization of Petroleum Exporting Countries wants oil prices to fall faster to an ideal price of around US$30 a barrel, and will discuss whether to increase production at a meeting next month, the group&#39;s president said Thursday.
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WASHINGTON -- A push from Congress and the White House for huge increases in biofuels, such as ethanol, is prompting the oil industry to scale back its plans for refinery expansions. That could keep gasoline prices high, possibly for years to come.
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With oil near &#36;50 a barrel, the Bush administration said on Thursday it would negotiate with refineries that want to borrow oil from the federal emergency stockpile to offset supplies disrupted by Hurricane Ivan.
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ABUJA, Nigeria -- The Organization of Petroleum Exporting Countries said yesterday it will take a half million barrels a day off the market beginning in February, cementing its apparent intention to do or say what it takes to keep oil prices around $60 a barrel.
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American motorists should expect  gasoline prices to slide another 10 cents at the pumps in the  next couple of weeks, tracking a steep decline in the price of  crude oil, the AAA motorist group said on Tuesday.
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ENERGY Secretary Vincent Perez urged oil companies to cut their retail prices in two weeks following the Organization of Petroleum Exporting Countries&#39; (OPEC) decision to raise production quotas by a million barrels a day starting November 1.
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Some of the biggest Western oil   companies are urging consumers to use less energy to bring down   prices and slow rising global demand.
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Oil prices fell to just above &#36;48 on Friday after the U.S. government said it would lend refiners crude from the Strategic Petroleum Reserve (SPR), but traders deemed the loan too small to have a lasting impact.
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U.S. retail gasoline prices declined for the ninth week in a row and truckers are enjoying the cheapest diesel fuel in almost four months, the Energy Department said on Monday.
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WASHINGTON - Oil prices are likely to fall at least another $10 a barrel by next year, a top Energy Department official said yesterday, but he warned gasoline and heating oil prices will continue to rise in coming weeks.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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The president of the Organization of Petroleum Exporting Countries, Purnomo Yusgiantoro, said global political uncertainties and concerns likely account for US$10 to $15 per barrel, or up to one third, of current world oil prices.
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Oil ministers suggested they might cut output in April to fend off a seasonal slowdown in demand when winter ends in the Northern Hemisphere.
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New Delhi, Oct 31 (UNI) In view of softened international oil prices, the Government today directed the oil companies to maintain the retail prices of petrol and diesel till November 15.
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Crude oil prices fell to a 15-week low in New York yesterday as the U.S. summer travel season ended and traders speculated that a dispute with Iran about nuclear research may be resolved without curtailing exports.