Politics key to oil prices - OPEC chief
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OPEC&#39;s president says the organisation&#39;s production levels are increasing to meet escalating demand, but he believes over-inflated prices can be brought down only by resolving global conflicts.
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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Oil&#39;s days at $50 per barrel look numbered, former Saudi oil minister Sheikh Ahmed Zaki Yamani says, predicting that prices should ease unless politics or a tough winter get in the way.
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Jakarta - The president of the Organization for Petroleum Exporting Countries (Opec) on Wednesday urged the United States to release some of its emergency crude oil stocks.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.
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The Organization of Petroleum Exporting Countries (OPEC) says it is doing everything it can to stabilize oil prices. The reality, however, is that
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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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LONDON - Oil prices eased further today, as the head of the OPEC cartel said markets were well-supplied with crude and traders continued to take profits from this year&#39;s 40 percent rally.
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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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Venezuelan president Hugo Chavez said today in Moscow that 50 US dollars per barrel of oil is âan acceptable priceâ adding that OPEC (Oil Petroleum Exporting Countries) must make sure the price does not drop below 30 US dollars.
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VIENNA : OPEC insisted that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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When the secretary general of the Organization of the Petroleum Exporting Countries spoke in London in October 2003, he advocated moderation in oil prices, sounding a familiar OPEC theme that extremely high prices could drive off consumers.
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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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LONDON, August 28 (IranMania) - Iran&#39;s OPEC governor said Friday that the high oil prices will continue to go up if the situation in Iraq deteriorates, stressing that the Iraqi crisis has coincided with an upsurge in the global demand for crude.
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OPEC President Purnomo Yusgiantoro said on Friday he was concerned with the continuing rise in global oil prices, but the cartel had not yet seen a cost-driven increase in inflation.
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Saudi Arabia&#39;s oil minister said OPEC should maintain production at its current level, creating a split in the 11-member group as prices weaken.
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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.