OPEC chief sees relief
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The head of the Organization of the Petroleum Exporting Countries forecast on Monday that global crude prices would soon fall, partly because of expected supply increases from Iraq.
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CARACAS, Venezuela  - Venezuelan President Hugo Chavez said on Tuesday the price of oil should not fall below $60 a barrel, two days after the OPEC country cut its production to stem price declines.
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OPEC may have no need to cut or raise  output when it meets in a month's time as the world oil market  is in "much, much better health" than before, the Wall Street  Journal quoted Saudi Arabia's oil minister as saying.
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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal
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WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.
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OPEC President Purnomo Yusgiantoro said on Thursday that OPEC should continue to produce above its official ceiling rather than tighten output to support prices.
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Oil prices are very low, harming investment in the industry, and action should be taken to steady the market, OPEC president Edmund Daukoru said yesterday .
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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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Oil prices will only fall if global conflicts are resolved, the boss of oil producers' organisation Opec says.
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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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JAKARTA: OPEC president Purnomo Yusgiantoro said Thursday the cartel would monitor any impact from the re-election of US President George W. Bush on oil prices.
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OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
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OPEC vowed Sunday to do what it can to deflate record high oil prices that have soared above $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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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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OPEC was meeting on Tuesday to consider  a modest rise in oil output proposed by Saudi Arabia and other  Gulf Arab states in a gesture to consumers worried by the  economic impact of $77 oil and rapidly diminishing stocks.
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The possibility of a cut in OPEC production grew stronger yesterday after the oil minister of Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
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Oil prices eased further on Tuesday, as  the head of the OPEC cartel said markets were well-supplied  with crude and traders continued to take profits from this  year's 40 percent rally.