Nigeria wants OPEC to raise its price band
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Nigeria wants OPEC to raise its price band to be more in line with market reality, the country's top oil official, Edmund Daukoro, said following similar calls by Libya and the United Arab Emirates.
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OPEC responded to recent high oil prices yesterday by raising its output quotas by 1 million barrels per day (bpd) of crude, effective from 1 November, a move analysts said was largely cosmetic in light of its current overproduction.
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A four-day national strike has begun in Nigeria in protest at a 25% increase in the cost of oil. Oil executives in Nigeria said they were confident there would be no immediate disruption to exports.
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Vienna: OPEC plans to adjust its price band before the end of the year, although not in order to stabilise the market as it claims but to justify sky-high oil prices, analysts say.
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Trade unions have joined a government team to find ways of easing the impact of a 25% rise, but refused to end the protest. Nigeria is Africa&#39;s biggest oil producer and is seeking to cut heavily subsidised fuel prices.
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Oil prices raced to new highs above $50  on Tuesday as rebel threats against Nigerian oil facilities  threatened to inflict further strain on global supplies.
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OPEC production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.
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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.
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Saudi Arabia, the most powerful member of the Organisation of the Petroleum ExportingCountries, said yesterday thatglobal oil stocks needed to increase before Opec
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Oil prices have neared last week&#39;s record high after bouncing back above the $50-a-barrel mark despite a peace deal between rebel gangs in Nigeria.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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LONDON  - Oil prices gained more ground as pressure grew within the OPEC cartel assembling in Cairo for an end to above-quota production, so as to force flagging prices upwards.
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A fresh attack on oil facilities in Nigeria and possible strike action by workers there sends oil prices above $70 a barrel.
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Non-OPEC oil exporters should consider  increasing output to cool record crude prices, OPEC President  Purnomo Yusgiantoro said on Sunday.
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An African-based investment analyst says further rises in global oil prices are likely, given the growing possibility of civil war in the world&#39;s sixth-largest oil producer, Nigeria.
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OPEC President Purnomo Yusgiantoro said  on Friday he was concerned with the continuing rise in global  oil prices, but the cartel had not yet seen a cost-driven  increase in inflation.
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Oil prices rose to record highs Monday  near $50 a barrel for U.S. crude as Nigeria emerged as the  latest focus for worries about supply in an already tight  worldwide energy market.