OPEC ministers mull raising price band, oppose quota hike
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Several OPEC members argued that the cartel should raise its price band, but ministers remained deadset against hiking its official production quotas in a bid to stabilise the oil market.
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VIENNA, Austria -- Raise prices. Ease production. For weeks ahead of this week&#39;s OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high -- and lowering output.
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OPEC was meeting on Tuesday to consider a Saudi proposal to raise oil output in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing stocks.
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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts
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Ministers for the Organization of the Petroleum Exporting Countries are gathering in Vienna on Wednesday to grapple with whipsawing prices and the world&#39;s seemingly insatiable demand for oil.
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OPEC's core Gulf producers will  recommend the cartel raise supply quotas by one million barrels  a day, four percent, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd  al-Sabah said on Wednesday.
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Nervous OPEC oil producers on Wednesday  sized up how fast this week's ministerial meeting should rein  in a supply surge that has helped drag crude prices down by a  quarter in barely six weeks.
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World oil prices should remain next year around current levels and OPEC&#39;s existing price target band should be raised because it has failed to reflect the market, Venezuela&#39;s energy minister said on Sunday.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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Ministers of the Organisation of Petroleum Exporting Countries expect oil prices to rise this week as they plan to demonstrate that they are serious about implementing
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Iran on Saturday reiterated its call for  OPEC to pull supply back down to official quota levels and  mapped out a way to fund a long-promised production hike, a  newspaper reported.
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Members of the Organization of Petroleum Exporting Countries were divided Tuesday on whether output should be increased in a bid to boost global supply that might cause prices to drop.
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OPEC ministers were divided on Saturday on the need for deeper oil-supply cuts, with some concerned about high fuel stockpiles and others reluctant because crude prices are holding firm above $60.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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Members of OPEC were divided today on whether output should be increased in a bid to boost global supply that might cause prices to drop.
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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OPEC ministers will concentrate on quota  compliance rather than cutting official production ceilings to  combat falling oil prices when they meet in Cairo this week,  Iran's oil minister was quoted as saying on Monday.