Drumbeat grows for OPEC cuts
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The possibility of a cut in OPEC production grew stronger yesterday after the oil minister of Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
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Oil prices rally as the president of Opec says the producers group is considering a cut in output.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut production by at least 1 million barrels per day (bpd) to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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Oil rose toward $62 a barrel on   Tuesday as producer group OPEC kindled fears of production   cuts, saying oil's steep slide from record peaks had brought   prices too low.
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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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CAIRO After producing at close to full capacity for several months in a bid to drive crude oil prices down from record levels, OPEC ministers are now considering production cuts to prevent a slump in prices as demand slows next year, OPEC officials and
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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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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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OPEC, the producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent in a bid to prop up prices after the biggest drop in three years.
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Oil picked up over $63 a barrel on  Monday as two OPEC members trimmed production in an effort to  tighten swollen supplies and halt a slide in prices.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  ahead of the second quarter that could drain healthy U.S.  stockpiles before summer.
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Oil jumped a dollar to above $60 on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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Two OPEC members are pledging to increase supply or boost reserves as oil prices spiral higher, according to media reports Sunday.
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Crude futures rose Friday amid market jitters over possible production cuts by OPEC at their meeting in Egypt, as well as fears that winter weather will put pressure on supplies.
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Oil jumped 75 cents to nearly $62 a   barrel on Wednesday as expectations that producing cartel OPEC   may slash output to defend prices countered rising U.S.   inventories.
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LONDON  - Oil prices gained more ground as pressure grew within the OPEC cartel assembling in Cairo for an end to above-quota production, so as to force flagging prices upwards.