OPEC Warns Oil Supply Cuts Needed for 2005
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OPEC oil producers said on Thursday that  Friday's ministerial meeting would rein in oversupply to  bolster falling prices and that the cartel would have to reduce  output quotas early next year.
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The European Commission cut its growth forecast for 2005, saying record oil prices will damp global demand and warned that five of the 12 countries using the euro will post deficits at or above European limits next year.
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The Organization for Economic Cooperation and Development cut its 2005 economic growth forecast for the euro zone and other major economies on Tuesday, blaming a "surge in oil prices" and the slide in the dollar.
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OPEC will keep its oil output near a 25-year high despite a $13 fall in the crude price since mid-July, ministers said on Monday, but the group left the door open to a supply cut before the end of the year.
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CAIRO  - OPEC oil producers appeared set to agree on a reduction in crude output by stepping up quota compliance to thwart a feared drop in prices as global energy demand slows next year.
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ABUJA/LONDON  - OPEC President Nigeria called on its fellow OPEC countries to make deeper output cuts on Tuesday as prices tumbled to an 8-month low below $59 a barrel and the tide showed no sign of turning.
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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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The Organization of Petroleum Exporting Countries (OPEC) is likely to keep production close to a 25-year high to prevent shortages during the US winter, OPEC officials said.
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Iran could scrap a plan to ration petrol that was expected to have a profound impact on the economy of OPEC&#39;s number two oil producer, the head of parliament&#39;s energy committee said on Sunday.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from a further cut that risks pushing up prices and damaging economic growth.
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OPEC's top producer Saudi Arabia on  Wednesday questioned the need for the cartel to bolster oil  prices by cutting supply, saying the kingdom would keep crude  output at current high levels as long as customers wanted it.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices $1.50 higher.
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OPEC oil ministers agreed today to cut oil production by one million barrels a day to stem a 24 percent price slide in the past six weeks, and they called for an emergency meeting
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from an immediate cut that risks pushing up prices and damaging economic growth.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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OPEC oil producers on Thursday weighed up  whether heavy recent price falls were severe enough to warrant  cutting back excess supply at Friday's ministerial meeting.
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JAKARTA  - Worldwide demand for oil is expected to drop by about one million barrels per day by the second quarter of 2005 after the northern hemisphere&#39;s winter season ends, OPEC&#39;s president said.