OPEC to Cut Production After Six-Week Price Decline
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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 prices fell on Monday,   threatening to test a new six-month low under $60 a barrel as   news of BP restoring output at Prudhoe Bay added to a sense of   healthy supplies, while demand growth questions loomed large.
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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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OPEC oil producers said on Thursday that Friday&#39;s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers
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Oil prices fell to a six-month low   under $60 a barrel on Monday as BP's move to restore output at   Prudhoe Bay earlier than expected added to a sense of healthy,   secure supplies, while demand growth questions loomed large.
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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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Oil fell back toward $62 on Friday after   OPEC member Nigeria appeared to be alone in its decision to   trim output to stem a two-month price slide.
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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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DUBAI/ABUJA  - OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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The cartel moves to cut production, which could end recent declines in petroleum prices.
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Oil fell below $60 on Friday, reversing course from the previous day as traders weighed OPEC's plans to cut production by 1 million barrels per day (bpd) against overflowing stockpiles.
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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.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss new output curbs.
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Oil prices fell on Monday,  threatening to test a new six-month low under $60 a barrel as  news of BP restoring output at Prudhoe Bay added to a sense of  healthy supplies, while demand growth questions loomed large.
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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Oil prices slid to fresh six-month lows   on Wednesday on rising winter fuel stocks and waning concern   over Iran, but the world's largest exporter Saudi Arabia   signaled prices may have fallen enough.
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CAIRO  - OPEC oil producers appeared set to agree on a reduction in crude output by stepping up quota compliance to thwart a feared drop in prices as global energy demand slows next year.