OPEC set to ignore Venezuelan call for oil cut
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Oil cartel OPEC is set to keep output  quotas steady at a meeting in Caracas on Thursday, overruling a  proposal by host Venezuela -- the group&#039;s fiercest price hawk  -- to cut production.
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Venezuelan President Hugo Chavez threatens to cut off his country's oil shipments to the United States if a court ruling goes forward ordering Venezuelan assets be frozen in a case brought by Exxon Mobil.
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VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers decided to keep output at present levels at their meeting Friday out of fear that a softening global economy will translate into weakened demand.
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Venezuela's plan to strip some of  the world's biggest oil companies of their controlling stakes  in the heavy oil projects of the country's Orinoco Belt is a  "disturbing trend" that could harm the OPEC member's economy, a  U.S. Energy Department spokesman said on Thursday.
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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 yesterday.
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ARRECIFE, Venezuela  - A sizable group out of the six foreign oil majors negotiating with Venezuela the nationalization of multibillion dollar projects are about to sign deals, the OPEC member's energy minister said on Wednesday.
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OPEC is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing U.S. economy and the onset of seasonally lower demand in the spring.
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CAIRO  - OPEC ministers played down the significance of an indifferent market reaction to their output cut to shore-up sliding oil prices, insisting that prices would climb again next week.
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Some oil majors have rejected  Venezuela&#39;s terms for the takeover of their multi-billion  dollar projects and can leave the OPEC nation, President Hugo  Chavez said on Friday, days before a deadline for them to  strike nationalization deals.
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LONDON - Opec will not consider switching from dollar denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said yesterday.
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LONDON, NOVEMBER 29: Opec will not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said.
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Venezuela on Tuesday suspended oil exports to Exxon Mobil Corp, escalating the country's fight with the U.S. oil giant over compensation for a heavy crude project nationalized by socialist President Hugo Chavez.
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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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VIENNA, Austria -- OPEC kept its official production target steady on Monday but left open the possibility of an output cut later this year with a promise to "vigilantly" monitor market conditions that have driven oil prices to five-month lows.
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Some oil majors have rejected Venezuela's terms for the takeover of their multi-billion dollar projects and can leave the OPEC nation, President Hugo Chavez said on Friday, days before a deadline for them to strike nationalization deals.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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OPEC oil producers on Saturday  recommended no change in cartel output quotas but said they  were ready to intervene should prices look like tumbling after  the northern winter.