OPEC Approves of &#36;50 Oil, Holds Output
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OPEC producers agreed Sunday to keep output limits on hold, convinced that oil prices near &#36;50 a barrel are not stifling world growth.
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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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Opec's president says oil supply is adequate as Brent crude hits a record $46 a barrel and US light crude hovers 4 cents below its all-time record.
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VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers decided to keep output at present levels at their meeting Friday out of fear that a softening global economy will translate into weakened demand.
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LONDON, December 10  - The organization of petroleum exporting countries (OPEC) agreed today to withdraw one million barrels of surplus production over the set quota of 27 million barrels per day in an effort to check the recent decline
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OPEC vowed Sunday to do what it can to deflate record high oil prices that have soared above &#36;53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.
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Oil prices held steady on Friday just hours ahead of a key meeting of the OPEC producers' cartel, which was expected to agree to curb crude output running above the group's official production limits.
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VIENNA - OPEC sought to reassure jittery oil markets yesterday by agreeing to boost crude production by 500,000 barrels a day - a move the cartel conceded was prompted partly by "clouds on the horizon" from the US housing slump.
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US oil prices held steady Tuesday, as OPEC ministers said the market is well-supplied with oil. Bloomberg News Service reports crude oil for future delivery hovered near $43 a barrel, dropping as low as $42.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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Oil prices headed up toward &#36;45 a barrel on Wednesday as Hurricane Ivan shut 60 percent of crude output in the Gulf of Mexico and at least five refiners along the U.S. coast planned to close as a precaution.
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U.S. oil prices held above &#36;46 a barrel on Tuesday on worries of a major supply disruption at a time when producers are pumping at full tilt to meet strong demand.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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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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OPEC on Wednesday agreed to lift formal output quotas by one million barrels a day, four percent, to 27 million barrels a day, an OPEC delegate said.
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U.S. oil prices were steady on Thursday, holding gains of nearly &#36;2 from a day earlier after a U.S. government report showed crude oil stocks falling to their lowest level in five months.
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US light crude jumps back above $42 a barrel as cartel prepares to meet to debate output. CAIRO  - Oil prices rose Thursday as OPEC producers debated whether the recent tumble in prices was severe