Saudi Leads OPEC Oil Rush
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OPEC is keeping its foot to the pedal on  production in a bid to drag down oil prices but may be  reluctant to rubber-stamp extra supplies by lifting official  output limits, Saudi Arabia said on Tuesday.
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LONDON : Oil prices raced ahead to new record high levels in London and approached 50 dollars in New York as unrest in oil producers Nigeria and Saudi Arabia stoked supply worries, traders said.
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Oil prices climbed above &#36;41 a barrel on Monday after Saudi Arabia cut January crude deliveries to clients in Asia, confirming that the top exporter was adhering to OPEC's agreement last week to curb excess supply.
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Saudi Arabia, the worldâs largest oil exporter, will raise production from 9.5 million barrels a day to 11 million barrels. An Oil Ministry official said the increase would go into effect within weeks.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and as Saudi Arabia, OPEC's top producer, said it is making  good on a pledge to cut output.
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Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.
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Oil prices were forced higher today by an outbreak of violence in Saudi Arabia and concerns that Opec may cut output. The cost of a barrel of light, sweet crude oil climbed to 43.31 US dollars after gunmen
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LONDON - Oil prices rose for the second day in a row on Thursday as several Opec ministers called for the cartel to stop producing more oil than its official target to prevent a glut next year.
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Oil jumped 3 percent to over $63 a   barrel on Wednesday as expectations that producing cartel OPEC   may slash output to defend prices countered rising U.S.   inventories.
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ABU DHABI - Opec vowed yesterday to do what it can to deflate record high oil prices that have soared above $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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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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Two OPEC members are pledging to increase supply or boost reserves as oil prices spiral higher, according to media reports Sunday.
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Oil prices surge to record levels as traders bet that the Opec nations will reduce output.
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Oil picked up over $63 a barrel on  Monday as two OPEC members trimmed production in an effort to  tighten swollen supplies and halt a slide in prices.
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Oil prices surged nearly $2 a barrel Wednesday following two bombings in the capital of Saudi Arabia and after the U.S. government reported that winter fuel supplies shrank last week.
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Oil prices have raced to new record high levels after oil majors evacuated workers in Nigeria and police clashed with suspected Islamic militants in the Saudi Arabian capital, Riyadh.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and Saudi Arabia, OPEC's top producer, said it is making good  on a pledge to cut output.