U.S. energy sec urges OPEC to raise output at meeting
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U.S. Energy Secretary Sam Bodman said on Saturday that Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should up output at its February 1 meeting.
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The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to raise its oil production quota by one million barrels a day from Nov. 1 in a step to soothe market nerves over climbing oil prices.
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OPEC may have no need to cut or raise output when it meets in a month's time as the world oil market is in "much, much better health" than before, the Wall Street Journal quoted Saudi Arabia's oil minister as saying.
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OPEC on Wednesday agreed to lift formal output quotas by one million barrels a day, four percent, to 27 million barrels a day, an OPEC delegate said.
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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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NEW YORK - Oil's record rally stalled yesterday after an OPEC minister said the group could not rule out another output hike and may call an early formal meeting next month in Saudi Arabia.
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Saudi Arabia and some 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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JAKARTA: Opec wants a faster retreat in oil prices and will discuss whether to raise its official oil output ceiling at its September 15 meeting, cartel president Purnomo Yusgiantoro said on Thursday.
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A meeting of OPEC members this week will decide whether to increase its production band and prices, or lower them, amid wildly oscillating oil markets.
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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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OPEC sees no reason to change crude output as the nine-month high in oil prices last week was due to U.S. gasoline supply concerns and international political tension, a senior OPEC delegate said on Monday.
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Crude oil prices may rise if OPEC ministers meeting in Nigeria this week decide to reduce oil output again because of worries that non-OPEC supplies may rise at a greater rate than  world oil demand in 2007, the U.S. Energy Information Administration warned on Wednesday.
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VIENNA -- OPEC, the producer of 41 percent of the world's oil, probably won't cut output at a meeting here this week as mounting tensions between the United States and Iran bolster prices.
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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, Austria -- Oil prices rose above $62 a barrel Thursday as OPEC delegates said they had agreed in principle to leave production unchanged for now but set the stage for a likely cut of half a million barrels a day in February.
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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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Saudi Arabia and other Gulf Arab states back a token rise in OPEC oil output in a gesture to consumer nations worried by the economic impact of $76 oil and rapidly diminishing stocks, an OPEC source said on Monday.