OPEC Ponders Modest Rise in Oil Quotas
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a large increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from a further cut that risks pushing up prices and damaging economic growth.
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OPEC members were divided yesterday on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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OPEC may resist calls to raise oil  output quotas much, if at all, when it meets this week for fear  of turning a decline from record prices into a rout.
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NEW YORK : World oil prices rose on Wednesday as traders reacted coolly to news of a rise in US commercial energy reserves, sweating instead about an OPEC gathering in Cairo this week.
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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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Several OPEC members argued that the organization should raise its price band, but ministers remained deadset against hiking its official production quotas in a bid to stabilize the oil market.
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OPEC is pumping near flat out in a bid  to drag down oil prices but will not rubber-stamp all its extra  output with a big increase in formal supply quotas, cartel  ministers and delegates said on Tuesday.
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Cairo - The push to cut Opec oil production grew yesterday with the minister of the United Arab Emirates saying on the eve of a meeting of the oil producers&#39; cartel that members had to honour output quotas to stem oversupply and falling prices.
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OPEC nations agreed to revise their oil production quota, boosting it by 1 million barrels per day in an effort to talk down crude oil prices.
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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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OPEC ministers will concentrate on quota  compliance rather than cutting official production ceilings to  combat falling oil prices when they meet in Cairo this week,  Iran's oil minister was quoted as saying on Monday.
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SYDNEY: Opec may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to $US30 ($NZ46.
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OPEC members were expected to increase the cartel's production during a meeting Wednesday by 1 million barrels a day to meet the global demand for oil. But analysts contended that any decision by the group would likely have little effect on high oil prices.
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Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC's oil this year, the producer group said on Tuesday, dimming the prospect of an increase in supplies at its meeting next week.
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CAIRO - Saudi Arabian Oil Minister Ali Al Naimi said yesterday that world oil stocks were not building too fast and questioned the need for Opec to act on supply with prices still above the groupâs formal target.