Opec 'to cut production levels'
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Oil producing cartel Opec is to cut back on over-production in a bid to halt declining prices, Kuwait's oil minister says.
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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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OPEC cannot rule out cutting oil production if oil prices slide further before the producer group meets next Friday, a senior OPEC delegate said on Friday.
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Core Gulf producer Kuwait will meet its  OPEC cut by lowering oil product sales by 190,000 barrels per  day (bpd) during first-quarter refinery maintenance, a Kuwaiti  oil official said on Wednesday.
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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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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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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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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
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The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as US$30 per barrel, its president Purnomo Yusgiantoro said here on Thursday.
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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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OPEC oil producers on Thursday weighed up whether heavy recent price falls were severe enough to warrant cutting back excess supply at Friday's ministerial meeting.
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OPEC oil ministers agreed today to cut oil production by one million barrels a day to stem a 24 percent price slide in the past six weeks, and they called for an emergency meeting
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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 OPEC producers' cartel would  consider cutting formal output limits by 1 million to 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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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 oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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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.