Opec &#39;to cut production levels&#39;
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Oil producing cartel Opec will cut back on over-production early next year to prevent a further fall in prices, Kuwait&#39;s oil minister has said.
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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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BEIRUT: Oil hit a four-month low Friday despite OPEC&#39;s decision to cut output by around 4 per cent in a bid to reverse the recent sharp fall in prices.
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BEIRUT: As a strategy for rescuing the plummeting price of a barrel of oil, OPEC&#39;s much touted production cut on Friday was about as much use as breaking wind over a field instead of using compost.
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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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OPEC could be shutting off the spigot on Wall Street's recent record setting rally as a production cut by the cartel has oil prices shooting higher and stocks looking at a difficult open.
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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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OPEC oil producers said on Thursday that  Friday's ministerial meeting would focus on cutting back  oversupply to support falling prices and that producers would  have to reduce output quotas early next year.
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OPEC hinted that it was ready to cut production, as some delegates voiced concerns over a possible plunge in prices.
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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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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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With crude oil prices drifting down to as low as $ 41 per barrel, OPEC is expected by many observers to slash production, when it meets on Friday.
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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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Nigerian Oil Minister and OPEC President Edmund Daukoru has said that he expects the OPEC oil export group to cut its output quota by at least half a million barrels per day when it meets on December 14.
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After pumping oil at close to full capacity for several months in a bid to bring prices down from record levels, OPEC ministers said Thursday that they were considering curbing
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OPEC may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to &#36;30 a barrel, the head of the producers' cartel said on Wednesday.
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.