3 Gulf states promise to increase oil output to stabilize price
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Three Gulf countries -- the United Arab Emirates (UAE), Kuwait and Saudi Arabia -- promised Sunday to increase their oil output capacity to help stabilize world prices, the official WAM news agency reported.
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Crude oil prices in New York stayed higher Tuesday after passing 50 dollars per barrel as Nigerian rebels threatened oil output and Hurricane Ivan slashed production in the US Gulf of Mexico.
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World oil prices shot higher on Monday  as companies operating in the Gulf of Mexico braced for output  disruptions from powerful Hurricane Ivan.
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World crude prices climbed on Tuesday, as Qatar&#39;s energy minister said OPEC would not move next week to increase the cartel&#39;s oil output to battle tight global supplies amid strong energy demand.
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Oil futures prices rose slightly Monday despite assurances from Middle East countries that they were committed to keeping the market well supplied as a strike began in Africa&#39;s largest exporter of crude.
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The world's top finance officials on Friday asked oil-producing nations to step up output and agreed it was crucial to work out exactly why prices have soared to levels that threaten global growth.
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OPEC will increase the cartel&#39;s oil production by 1 million barrels a day to meet the global demand for oil. Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said the cartel
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SAUDI minister Ali al-Naimi sought to take some of the heat out of the oil market, by promising that his Kingdom could pump an extra 1.5m barrels a day &#39;immediately&#39; if demand increases.
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WASHINGTON -- Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies announced Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves by as much as 50 percent.
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VIENNA, Austria - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant - given that the cartel is already exceeding the new quota.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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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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The world's top finance officials on  Friday asked oil-producing nations to step up output and agreed  it was crucial to work out exactly why prices have soared to  levels that threaten global growth.
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VIENNA - The Organization of Petroleum Exporting Countries agreed Wednesday to boost its current daily crude oil production quota by 1 million barrels to 27 million barrels from Nov 1 to try to stabilize recently high-flying crude oil prices.
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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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Oil prices steadied on Friday,  attempting to end a five-day rout as an end to a three-week  uprising in the Iraqi city of Najaf was balanced against  renewed pipeline attacks.
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VIENNA, Austria - OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit since the beginning of the year.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.