OPEC Poised To Cut Oil Output Despite Consumers&#39; Pleas
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UAE&#39;s Oil Minister Mohammed bin Dhaen al-Hamili Al-Hamili said: &quot;I think the price decline was expected but the speed of the decline was a surprise.
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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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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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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally the need to cut daily output by at least 1 million to keep the price of its crudes above $50-$55, the Financial Times reported on Thursday without naming sources.
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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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Oil prices fell by more than a dollar on  Friday as OPEC looked set to keep output unchanged at its  meeting this weekend and on forecasts for warmer weather in the  U.S. Northeast next week.
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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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OPEC was meeting on Tuesday to consider  a modest rise in oil output proposed by Saudi Arabia and other  Gulf Arab states in a gesture to consumers worried by the  economic impact of $77 oil and rapidly diminishing stocks.
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Oil prices have fallen in recent weeks from record highs, relieving the anxieties of consumers and economists alike. However, OPEC recently signaled that it&#39;s not ready for the price of black
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Oil prices eased on Friday as OPEC  looked set to keep output unchanged at its meeting this  weekend, although concern ahead of Sunday's election in Iraq  limited the fall.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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CAIRO  - The Organisation of Petroleum Exporting Countries (OPEC) is expected to take a &quot;wait and see&quot; stance on what action to take in the face of a fall in oil prices, several ministers said ahead of a cartel 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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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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OPEC is leaning towards keeping oil output steady at its September 11 meeting, ministers said on Monday, wary the U.S. economy may be headed for a slowdown that would undermine forecasts for strong oil demand growth.
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Oil group Opec is expected to maintain its output quotas at a meeting on Monday, even as prices have been falling.
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VIENNA -- Consumers received no solace yesterday from OPEC, which said oil prices near $50 per barrel would remain high through the spring, even as the cartel decided to keep its production ceiling unchanged.