OPEC Unlikely to Change Quotas -Nigeria
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OPEC oil producers are unlikely to change output quotas at their December 10 ministerial meeting and have no need yet to rein in a supply surge that has begun to ease record prices, Nigeria's top oil official said on Saturday.
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Oil prices held near record highs on  Friday even though oil unions in OPEC member Nigeria said a  two-day wildcat strike would pass without any impact on  exports.
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So Opec has raised its members&#39; production quotas once again, and like last time - in Beirut in June - their action did not bring prices down very much.
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Algerian Energy Minister Chakib Khelil ruled out the creation of a gas cartel modelled on oil group OPEC, saying it would be impossible to create such an organisation.
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A four-day national strike has begun in Nigeria in protest at a 25% increase in the cost of oil. Oil executives in Nigeria said they were confident there would be no immediate disruption to exports.
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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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OPEC oil ministers will meet on January  30 as scheduled despite a request from Iraq to move the date of  the meeting to avoid a clash with the Iraqi elections, an OPEC  spokesman said Wednesday.
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Oil prices held steady above $49 on  Friday as market unease persisted over supply security in  Nigeria, despite peace talks, while the world's richest nations  suggested oil resources were scarcer than first thought.
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Oil prices stayed on the boil above  $53 a barrel on Monday, bolstered by persistent anxiety over  OPEC member Nigeria and the nearly month-long loss of a quarter  of U.S. Gulf of Mexico production, traders said.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand, cartel ministers said on Saturday.
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VIENNA -- Consumers received no solace yesterday from OPEC, which said oil prices near $50 per barrel would remain high through the spring, even as the cartel decided to keep its production ceiling unchanged.
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OPEC may resist calls to raise oil output quotas much, if at all, when it meets this week for fear of turning a decline from record prices into a rout.
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Oil prices raced to new record highs above $50 on Tuesday, despite a pledge by OPEC producer Saudi Arabia to increase production, as rebel threats against Nigerian oil facilities threatened to inflict further strain on global supplies
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TEHRAN/LONDON  - OPEC officials lined up to say the exporter group could do little to tame oil prices that hit $100 a barrel for the first time on Wednesday and world markets had enough crude oil.
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A key OPEC committee has recommended that the cartel agree to keep current oil output quotas unchanged. It urges, however, that a meeting be held in February to review the market situation.
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JAKARTA - Opec is powerless to stop the rise in oil prices at the moment although it has about 1.5 million barrels per day (bpd) of spare capacity to add to supplies, president Purnomo Yusgiantoro said on Tuesday.
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Trade unions have joined a government team to find ways of easing the impact of a 25% rise, but refused to end the protest. Nigeria is Africa&#39;s biggest oil producer and is seeking to cut heavily subsidised fuel prices.