Opec in no hurry to cut quota
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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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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OPEC is pumping near flat out in a bid to drag down oil prices but will not rubber-stamp all its extra output with a big increase in formal supply
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VIENNA, Austria -- OPEC kept its official production target steady on Monday but left open the possibility of an output cut later this year with a promise to "vigilantly" monitor market conditions that have driven oil prices to five-month lows.
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Nigerian Oil Minister and OPEC President Edmund Daukoru has said that he expects the OPEC oil export group to cut its output quota by at least half a million barrels per day when it meets on December 14.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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Iran Oil Minister Kazem Vaziri-Hamaneh said on Monday there is no shortage of crude oil in the market and OPEC has no plans to increase supplies.
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OPEC will keep its oil output near a 25-year high despite a $13 fall in the crude price since mid-July, ministers said on Monday, but the group left the door open to a supply cut before the end of the year.
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WARSAW/DOHA  - Saudi Arabia and other OPEC members said on Wednesday they are not to blame for near-record oil prices, pointing the finger at a global shortage of refinery capacity and international political tension.
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OPEC producers agreed Sunday to keep  output limits on hold, convinced that oil prices near $50 a  barrel are not stifling world growth.
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OPEC president and Kuwait's energy minister said on Saturday he saw no need now for telephone consultations between members of the cartel over a possible oil output cut ahead of its next meeting in March.
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NEW YORK, September 16 (New Ratings) - The Organization of Petroleum Exporting Countries (OPEC) has decided to raise its official crude oil output quota by 1 million barrels per day, effective from November 1 this year.
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OPEC sees no reason to change crude output as the nine-month high in oil prices last week was due to U.S. gasoline supply concerns and international political tension, a senior OPEC delegate said on Monday.
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Oil prices steadied Friday, after  Thursday's 5 percent surge, as OPEC producers signaled their  readiness to defend prices by cutting global supply.
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Oil prices steadied on Friday after a  five percent surge on Thursday as OPEC producers signaled their  readiness to support prices by cutting supply.
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OPEC on Wednesday lifted oil supply  quotas by one million barrels a day, four percent, in a renewed  bid to force down stubbornly high world crude prices.