OPEC Suggests No Output Change Till Cut in April
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Oil ministers suggested they might cut output in April to fend off a seasonal slowdown in demand when winter ends in the Northern Hemisphere.
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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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Oil prices slid on Monday after OPEC members signaled the cartel could wait until its mid-March meeting to make any production cuts.
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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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OPEC agreed here on Friday to leave unchanged its oil production target, Nigeria's energy chief told reporters, snubbing US calls for an increase to cool prices.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss a further cut in output.
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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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A key OPEC committee has recommended that the cartel agree to keep current oil output quotas unchanged. It urges, however, that a meeting be held in February to review the market situation.
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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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OPEC president and Kuwait's energy  minister said on Saturday he saw no need now for telephone  consultations between members of the cartel over a possible oil  output cut ahead of its next meeting in March.
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OPEC may decide to increase oil output at its February 1 meeting in Vienna if supply is not sufficient, Indonesia's OPEC governor told Reuters on Thursday.
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OPEC oil cuts already in place are tightening the world market ahead of winter and may prevent a recovery in consumer stocks, the International Energy Agency said on Wednesday, urging OPEC to hold off on a new reduction.
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Opec looks set to agree a cut in the rampant quota-busting, which its members say has caused oil prices to fall in recent months.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said Thursday.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.