OPEC cuts oil production to hold prices
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The oil producing OPEC cartel Monday began reducing its oil output to maintain prices around current levels, the Wall Street Journal reported.
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Oil prices eased but held over $76 on  Monday, as expectations OPEC will maintain supply curbs on  Tuesday countered weak U.S. jobs data that raised concerns of a  recession in the world&#39;s top consumer.
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OPEC oil production cuts, announced at a special meeting of that cartelâs representatives in Cairo, Egypt Friday, are part of a strategy to keep light sweet crude prices above $40 a barrel.
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OPEC oil cuts already in place are tightening the world market ahead of winter and may prevent a recovery in consumer stocks, the International Energy Agency said on Wednesday, urging OPEC to hold off on a new reduction.
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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Oil prices fall after producers' cartel Opec agrees to keep output steady at a meeting in Abu Dhabi.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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OPEC's top producer Saudi Arabia on Wednesday questioned the need for the cartel to bolster oil prices by cutting supply, saying the kingdom would keep crude output at current high levels as long as customers wanted it.
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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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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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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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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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Oil prices eased but held over $76 on Monday, as expectations OPEC will maintain supply curbs on Tuesday countered weak U.S. jobs data that raised concerns of a recession in the world's top consumer.
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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, a delegate said on Thursday, sending oil prices more than a dollar higher.
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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, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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By Edmund Blair and Barbara Lewis CAIRO  - OPEC oil producers on Friday agreed to stamp out excess supply that has lowered world prices from record highs.