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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Nigerian Oil Minister and OPEC President Edmund Daukoru has said that he expects the OPEC oil export group to cut its output quota by at least half a million barrels per day when it meets on December 14.
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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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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 members enforce their decision to lower output, ministers said.
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OPEC decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.
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Opec's president says oil supply is adequate as the price of US light, crude comes within 4 cents of its all-time record.
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OPEC oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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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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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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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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Organization of Petroleum Exporting Countries (OPEC) President Purnomo Yusgiantoro said today that the cartel will monitor any impact on oil prices from the re-election of US President George W. Bush.
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&quot;There must be a significant reduction in geopolitical tensions&quot; in order for oil prices to stabilize, says OPEC President Purnomo Yusgiantoro.
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Iran will support any OPEC move to bring crude oil prices back to acceptable levels following a recent slide, Iran's OPEC Governor Hossein Kazempour Ardebili said on Sunday.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president said on Sunday.
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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC's president told reporters on Sunday.