Opec agrees to clamp down on oil production
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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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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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Iran, OPEC's second-biggest producer,  will comply with the cartel's decision to curb excess output  and pump crude oil at its official quota, an official said on  Wednesday.
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CAIRO -- Organization of the Petroleum Exporting Countries members voted Friday to cut crude oil production by 1 million barrels a day to shore up prices that have dropped 25 percent since October.
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OPEC, worried by the recent downward spiral of crude prices, agreed to cut production by 1 million barrels a day at a Friday meeting in Cairo, Egypt, but rather than shoring up prices, the action created a sell-off.
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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 oil producers meeting here this week are likely to clamp down on excess supply has that helped lower prices from record highs and will discuss how much to raise their price target, cartel officials said yesterday.
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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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Opec looks set to agree a cut in the rampant quota-busting, which its members say has caused oil prices to fall in recent months.
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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 on Tuesday.
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Oil prices tumbled on Monday after OPEC producers agreed to keep crude output unchanged for now and Iraq's elections passed without disruption to oil exports.
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Oil ministers agreed today to cut production by one million barrels a day to stem a 24 percent price slide in the past six weeks.
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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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OPEC might make deeper cuts in production if prices continue to slide, Gulf oil ministers said Saturday, a day after crude prices tumbled to their lowest levels in five months when producers decided to limit supply by 1 million barrels a day.
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Oil producing cartel Opec is to cut back on over-production in an attempt to halt the recent slide in prices, Kuwait's oil minister says.
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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months