OPEC may cut output to finish prices slide
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OPEC may soon have to curtail output to end a six-week slide in prices and prevent inventories from increasing, officials from Libya and Indonesia said.
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(CBS/AP) Juggling between its need to keep prices up without having them explode, OPEC agreed Friday to reduce its daily oil output by 1 million barrels a day - and reserved the right to cut deeper early next year if crude turns much cheaper than now.
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OPEC is discussing an oil output cut of up to 500,000 barrels per day, delayed until February1 when the northern winter is ending, delegates said on Thursday.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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OPEC appeared willing on Wednesday to  pull back from more oil output cuts, responding to consumer  nation calls to hold off until winter has passed to guard  against price spikes that would hurt the world economy.
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OPEC cannot rule out cutting oil production if oil prices slide further before the producer group meets next Friday, a senior OPEC delegate said on Friday.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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The OPEC producers' cartel would  consider a cut to formal output limits of 1-1.5 million barrels  per day (bpd) at its end-January meeting if U.S. crude prices  fall below $40 a barrel, an OPEC source said on Friday.
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OPEC, the oil producers&#39; cartel, agreed yesterday to clamp down on its excess production, which has seen crude prices tumble by one-quarter in just six weeks.
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All options, including cutting quotas, are up for discussion when OPEC ministers meet in Cairo this week to plan their response to a sharp fall in prices
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CAIRO - Giant oil producer Opec expects prices to recover from the second-largest drop this year as members enforce their decision to lower output.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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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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ABUJA, Nigeria -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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By Peg Mackey and Francois Murphy CAIRO  - OPEC oil producers said on Thursday that Friday's ministerial meeting would focus on halting oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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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.