OPEC to make first oil output cut since 2004
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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, OPEC officials said on Thursday, sending oil prices back above $60.
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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, 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.
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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.
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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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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 oil producers on Friday agreed to  squeeze out excess supply that has lowered world prices from  record highs.
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VIENNA, Austria - OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit since the beginning of the year.    Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov...
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Crude oil prices fell again Monday, touching a new four-month low Monday, with OPEC&#39;s announced production cut Friday failing to boost the market a second session.
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed informally on the need to cut output by at least 1 million barrels a 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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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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CARACAS -- The Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's oil, will address possible oil output reductions when members meet in Nigeria Dec. 14, Rafael Ramirez, Venezuela's oil and energy minister, said yesterday.
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CAIRO -- Organization of the Petroleum Exporting Countries members voted Friday to cut crude oil production by 1 million barrels a day to shore up prices that have dropped 25 percent since October.
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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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Oil ministers agreed today to cut production by one million barrels a day to stem a 24 percent price slide in the past six weeks.
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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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Opec looks set to agree a cut in the rampant quota-busting, which its members say has caused oil prices to fall in recent months.