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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The Organization of the Petroleum Exporting Countries has agreed to increase output by one million barrels a day in a move to lower oil prices.
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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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Opec producers agree to keep output levels unchanged at 27 million barrels a day.
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The Organization of Petroleum Exporting Countries agreed at a meeting in Cairo, Friday to cut production by about four percent. The cut is aimed at halting the recent slide in prices.
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OPEC on Wednesday agreed to lift formal  output quotas by one million barrels a day, four percent, to 27  million barrels a day, an OPEC delegate said.
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OPEC Friday agreed to cut oil production by about 4 percent in an effort to prop up falling 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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VIENNA In a largely symbolic decision, OPEC agreed on Wednesday to increase its formal production ceiling by 1 million barrels a day, underlining the group&#39;s resolve to bring down high oil prices.
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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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OPEC took the unprecedented step of  urging the United States to tap its emergency crude reserves to  bring down world oil prices.
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CAIRO  - OPEC oil producers agreed to reduce crude supplies by one million barrels a day from the beginning of next year in a bid to curb a sharp slide in oil prices from record high levels.
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OPEC on Wednesday lifted oil supply  quotas by one million barrels a day, four percent, in a renewed  bid to force down stubbornly high crude prices.
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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 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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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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Oil edged up to $63 a barrel on Friday after OPEC agreed to cut supply for a second time in two months, underlining its determination to manage the market and prop up prices.