OPEC Agrees Oil Supply Crackdown
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OPEC oil producers on Friday agreed to  squeeze out excess supply that has lowered world prices from  record highs.
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OPEC has taken the unprecedented step  of urging the United States to tap its emergency crude reserves  to bring down world oil prices.
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Several key OPEC producers including  Saudi Arabia, Kuwait and Nigeria have agreed to trim oil supply  from October 1 under an unofficial deal to stem falling prices,  a Nigerian oil industry source said on Thursday.
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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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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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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OPEC ministers have agreed to cut back crude oil production by 1 million barrels a day in an effort to halt a decline in oil prices.
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NEW YORK, October 27  - The Organization of Petroleum Exporting Countries (OPEC) has asked the US government to release oil from its Strategic Petroleum Reserve (SPR) to help ease the rising oil prices.
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OPEC, seeking to stem a two-month slide in oil prices, said yesterday Venezuela and Nigeria would cut crude production by a combined 170,000 barrels a day.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Oil Ministers representing countries in the Organization of Petroleum Exporting Countries (OPEC) met in Cairo, Egypt, and agreed to end the over quota production.
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Opec's president says oil supply is adequate as Brent crude hits a record $46 a barrel and US light crude hovers 4 cents below its all-time record.
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DRIVERS can look forward to cheaper petrol in the new year, with price cuts expected of up to 10c a litre. Oil ministers of the Organisation of Petroleum Exporting Countries (OPEC) agreed in Cairo on Friday
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CAIRO  - OPEC oil producers were closing in on a deal to reduce oil production to bring it closer to official quotas, which will be left unchanged, Kuwaiti Energy Minister Sheikh Ahmad Fahd al-Sabah said.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.
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Oil prices settled under $41 for the first time since July Friday as dealers took profits on a widely expected move by the OPEC cartel to curb production in excess of its official output ceiling.
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Oil supply fears eased slightly on  Wednesday as OPEC hiked production quotas by 1 million barrels  a day, balancing risks from Hurricane Ivan that has temporarily  closed 60 percent of Gulf of Mexico crude output.