OPEC asks US to use more oil reserves to cool price
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&quot;We have asked them (the United States) to use their oil reserves to help cool down the prices,&quot; OPEC President Purnomo Yusgiantoro, who is also Indonesia&#39;s minister of energy and mineral resources, told reporters.
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OPEC president: &quot;The world has enough oil.&quot; Saudi slashes prices; US peak driving season ends. NEW YORK (CNN/Money) - Oil prices eased further Tuesday as the head of OPEC said there was plenty of crude on
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The world's top economic leaders  Friday asked oil producers to pump more crude and demanded  better market data to determine why oil costs have roared to  levels that imperil the best growth prospects in 30 years.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target.
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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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Saudi Arabia and other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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Saudi Arabia is raising its oil production capacity in an effort to cool the red-hot crude futures market. The world&#39;s largest oil exporter says it will raise capacity from 9.5 million barrels a day to 11 million barrels.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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President George W. Bush said on Tuesday  that more oil from OPEC would help ease the pain to consumers  of high energy prices, applying more pressure on Saudi Arabia  to do something to tame prices.
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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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U.S. Energy Secretary Sam Bodman repeated his plea on Monday for more oil from top exporter Saudi Arabia, undeterred by OPEC's cautious response to Washington's request so far.
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OPEC has taken the unprecedented step  of urging the United States to tap its emergency crude reserves  to bring down world oil prices.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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OPEC has stressed its view that high oil prices were a result of speculation and pledged 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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ENERGY Secretary Vincent Perez urged oil companies to cut their retail prices in two weeks following the Organization of Petroleum Exporting Countries&#39; (OPEC) decision to raise production quotas by a million barrels a day starting November 1.
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Venezuelan President Hugo Chavez on Thursday said there is an excess of oil on the world market and proposed a minimum price for crude at &#36;50 a barrel. OPEC members have no intention of increasing their oil production despite demands from a number of industrialized nations, Chavez said as he spoke at the group&#039;s meeting in Caracas.