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/ 19 May 2008

Opec president says oil market well supplied

Oil markets are well supplied and high prices are the result of speculation, a weak dollar and geopolitical problems, Organisation of the Petroleum Exporting Countries (Opec) president Chakib Khelil said on Monday. ”As for Opec, indications show that there is no shortage [of supply],” he told a public forum on energy.

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/ 6 May 2008

Indonesia considers quitting Opec as output falls

Indonesia said on Tuesday it may quit the Organisation of the Petroleum Exporting Countries (Opec) as its declining crude oil output prevents the country from meeting its Opec quota and has reduced its influence in the cartel. Indonesia is Asia-Pacific’s only member of Opec, but its crude oil output has fallen in recent years.

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/ 29 April 2008

Fears over Russian plan for ‘gas Opec’

Representatives of the world’s leading gas producers are discussing Russian proposals for greater cooperation, according to the Iranian Oil Ministry. Ministers from the Gas Exporting Countries Forum are meeting amid speculation that members are considering an Organisation of the Petroleum Exporting Countries (Opec)-style club for gas producers.

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/ 22 April 2008

Oil hits new record above $118 a barrel

Oil rose to a record high above on Tuesday, boosted by a jump in oil demand last month from China, the world’s second biggest energy consumer, and worries about supply from key producers Russia and Nigeria. United States light crude for May delivery was up 26 cents at ,74 a barrel by 10.05am GMT, after an all-time peak of .05.

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/ 7 March 2008

Oil eases below $105

Oil eased to under a barrel on Friday, but stayed within sight of its record high from the previous session, with a tumbling United States dollar, fund flows and Opec’s (the Organisation of the Petroleum Exporting Countries) reluctance to pump extra crude providing support.

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/ 4 March 2008

Oil pauses below record highs, awaits Opec decision

Oil eased on Tuesday after it reached a record of almost a barrel in the previous session, buoyed by investor demand for commodities as well as expectations Opec will not increase supply despite high prices. United States light crude for April delivery was down 44 cents at ,01 a barrel by 10.30am GMT, after touching a record high of ,95 on Monday.

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/ 3 March 2008

Gadaffi says Cabinet fails to enrich Libya, must go

Libyan leader Moammar Gadaffi urged a sweeping reform of government on Sunday, saying most of the Cabinet system should be dismantled as it had failed to manage the North Africa’s country’s windfall oil earnings. Gadaffi said that big projects were behind schedule and so ordinary people should themselves devise a new way of sharing out oil revenues.

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/ 13 February 2008

Venezuela halts oil supplies to Exxon Mobil

Venezuelan President Hugo Chávez stopped oil exports to Exxon Mobil on Tuesday, escalating a multibillion-dollar fight with the United States company two days after threatening to cut off all supplies to America. The anti-US president’s retaliation for Exxon’s legal offensive pushed oil prices higher in late trading.

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/ 30 January 2008

Al-Qaeda wing claims Algeria attack

Al-Qaeda’s North Africa wing said it was behind a blast at a police station in Algeria which authorities said killed two people. Al-Qaeda Organisation in the Islamic Maghreb said a suicide bomber drove a truck packed explosives that detonated at the police station in a town east of Algiers on Tuesday.

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/ 29 January 2008

Algeria car bomb on police post kills two

A car-bomb attack on a police station killed two people and wounded 23 in a town east of Algiers on Tuesday, the second such bombing in the Opec member in a month. Some residents said the blast in Thenia appeared to be a suicide attack, the tactic used in a twin bombing in the capital on December 11.

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/ 29 January 2008

Opec set to resist pressure for more oil

Opec is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing United States economy and the onset of seasonally lower demand in the spring. Oil has fallen to around a barrel from a record ,09 on January 3, easing pressure on Opec to pump more.

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/ 9 January 2008

Tough to pump more oil, even at $100

Oil at a barrel should give exporters every incentive to pump more, but their difficulty in doing so shows the world is struggling to sustain production. A growing number of leading industry figures now question mainstream forecasts for supply, suggesting the era of ”plateau oil” is nearer than many had admitted.

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/ 5 December 2007

Oil up as Opec agrees no output change

Oil rose on Wednesday after the Organisation of the Petroleum Exporting Countries (Opec) decided to keep output levels unchanged, rebuffing consumer-country calls for more crude to rein in prices now near a barrel. Opec also agreed to meet again at the end of January to review its decision ahead of a regular March gathering.

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/ 4 December 2007

Opec’s big guns keep options open on oil increase

The biggest Persian Gulf producers of the Organisation of the Petroleum Exporting Countries (Opec) are leaving open the option of an oil-supply increase that could influence whether crude prices head back towards a barrel. Oil ministers, gathering to meet on Wednesday, have adopted a coordinated line to insist that supplies are sufficient to meet winter demand.

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/ 4 December 2007

Price of crude falls on hopes of cuts by Opec

Oil prices fell again on Monday, adding to last week’s 10% slump, on continued speculation that the producers’ cartel Opec would agree to increase output when it meets on Wednesday in Abu Dhabi. United States light crude futures fell by more than a dollar a barrel in busy trading to about ,50 a barrel — almost a barrel lower than the peak of ,29 set two weeks.

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/ 1 December 2007

Oil prices slump ahead of Opec meeting

Oil prices fell back below a barrel on Friday amid speculation that the Organisation of the Petroleum Exporting Countries (Opec) will decide to increase its output at a meeting next week, analysts said. New York’s main contract, light sweet crude for January delivery, fell ,03 to close at ,71 per barrel, after earlier striking a one-month low of ,52.

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/ 29 November 2007

Oil jumps more than $1 on US pipeline fire

Oil prices rebounded by over a barrel on Thursday, after an explosion and fire at an oil terminal in Minnesota shut down most of the main pipeline that delivers Canadian crude to United States Midwest refineries. US crude rose by ,11 to ,73 a barrel by 4.35am GMT, recouping some of the previous session’s loss of ,80, or 4%.

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/ 28 November 2007

Oil dips below $94 as stocks struggle

Oil fell below a barrel on Wednesday, pinching some of Asia’s top resource stocks, while nagging fears that a credit market squeeze will sap global growth weighed on the dollar and the region’s exporters. News that top United States bank, Citigroup, got a ,5-billion capital injection from Abu Dhabi’s investment arm on Tuesday buoyed US stocks.

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/ 21 November 2007

Oil hits record above $99 as dollar sinks

Oil soared to record highs on Wednesday, drawing within a hair’s breadth of the milestone as the United States dollar plumbed new lows and the onset of cold weather stirred anxiety over winter supplies. US light crude for January delivery surged to a record of ,29 a barrel early in the session, but pared those gains to stand 61 cents higher at ,64.

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/ 18 November 2007

Oil leaders’ private debate televised by mistake

”Kill the cable, kill the cable,” shouted the security guard as he burst through the double doors into the media room at the Intercontinental Hotel in Riyadh, followed by Saudi police. It was too late. A private meeting of Opec leaders, gathered this weekend in Riyadh for the cartel’s third meeting in its 47-year history, had just been broadcast to the world’s media.

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/ 13 November 2007

Oil prices drop on Opec news, stronger dollar

Oil prices dropped on Tuesday after a key Organisation of the Petroleum Exporting Countries (Opec) member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the dollar overnight. Light, sweet crude for December delivery fell by six cents to ,56 a barrel.