Opec &#39;is losing power to control oil prices&#39;
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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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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 producing cartel Opec will cut back on over-production early next year to prevent a further fall in prices, Kuwait&#39;s oil minister has said.
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OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. The decision in Cairo Friday comes amid a drop in oil prices from an all-time high of more than $55 in mid-October to more than $40 now.
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Oil prices fell on Wednesday after the  head of producer group OPEC said the market was oversupplied,  outweighing worries that powerful Hurricane Ivan could disrupt  U.S. offshore oil and gas production in the coming days.
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OPEC oil producers yesterday said they had already moved to rein in excess supply, a day after doubts over the group&#39;s resolve sent prices into a tailspin.
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Oil prices continue falling on comments from Iran and Opec that suggest increasing supply is a possibility.
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Oil prices fall more than a dollar in New York, after speculation Opec might increase output.
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Oil prices fell to four-month lows on Friday even though the Organization of Petroleum Exporting Countries moved to curb production above its official 27 million barrel-per-day output ceiling.
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VIENNA: Opec is keeping its foot to the pedal on oil production in a bid to push crude prices back below $US40 ($NZ62) a barrel. Risking a counter-seasonal fourth quarter build in stocks, Saudi Arabia will
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Oil prices fell on Monday after OPEC   agreed to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent slide in prices since   mid-July.
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WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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OPEC oil producers meeting here this week are likely to clamp down on excess supply has that helped lower prices from record highs and will discuss how much to raise their price target, cartel officials said yesterday.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' purchasing power and ministers will take up the issue when they meet next week to discuss new output curbs.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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Oil producing cartel Opec is to cut back on over-production in an attempt to halt the recent slide in prices, Kuwait's oil minister says.