Has OPEC Lost Its Moorings?
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It looks like OPEC wants to have its cake and eat it too.
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NEW YORK, September 16 (New Ratings) - The Organization of Petroleum Exporting Countries (OPEC) has decided to raise its official crude oil output quota by 1 million barrels per day, effective from November 1 this year.
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Oil prices have fallen in recent weeks from record highs, relieving the anxieties of consumers and economists alike. However, OPEC recently signaled that it&#39;s not ready for the price of black
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Oil prices tumbled on Monday after OPEC  producers agreed to keep crude output unchanged for now and  Iraq's elections passed without disruption to oil exports.
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Oil prices eased on Friday as OPEC  looked set to keep output unchanged at its meeting this  weekend, although concern ahead of Sunday's election in Iraq  limited the fall.
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OPEC President Purnomo Yusgiantoro said oil prices are now being driven by fundamental factors rather than speculators. Hedge funds and other large speculators last week cut their bets
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Oil prices fall after producers' cartel Opec agrees to keep output steady at a meeting in Abu Dhabi.
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NEW YORK, September 9 (New Ratings) - Oil prices declined further today, despite fears of a hurricane in the Caribbean disrupting supply from the US offshore oil and gas production in the Gulf of Mexico.
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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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OPEC oil producers on Saturday said they  had already moved to rein in excess supply, a day after doubts  over the group's resolve to cut sent prices into a tailspin.
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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, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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Oil prices steadied on Monday as OPEC member Saudi Arabia cut exports, helping to pull the market back from a five-month low hit earlier amid a bout of fund selling.
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Oil prices eased on Friday as OPEC looked set to keep output unchanged at its meeting this weekend, although concern ahead of Sunday's election in Iraq limited the fall.
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World oil prices surged nearly $2 on  Friday on worries the stormy season in the Gulf of Mexico would  continue to hamper energy production and imports, delaying  vital stock building ahead of the coming winter months.
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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OPEC may soon have to curtail output to end a six-week slide in prices and prevent inventories from increasing, officials from Libya and Indonesia said.
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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, a senior OPEC delegate said on Thursday, sending oil prices up nearly $1.50.