OPEC to make first oil output cut since 2004
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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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With crude oil prices drifting down to as low as $ 41 per barrel, OPEC is expected by many observers to slash production, when it meets on Friday.
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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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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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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 might make deeper cuts in production if prices continue to slide, Gulf oil ministers said Saturday, a day after crude prices tumbled to their lowest levels in five months when producers decided to limit supply by 1 million barrels a day.
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OPEC plans to reduce its output by nearly 2 percent in February, an indication that it wants to keep oil prices above $60 a barrel next year.
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MOSCOW Yukos said Monday that it would reduce crude oil output by 4.5 percent for 2004, the first time it has given a concrete estimate of the damage its conflict with the Russian government is doing to oil production.
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OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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OPEC meets on Thursday to set oil output policy through winter, under pressure from importing nations to steer away from a further cut that risks pushing up prices and damaging economic growth.
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VIENNA, Austria -- OPEC kept its official production target steady on Monday but left open the possibility of an output cut later this year with a promise to "vigilantly" monitor market conditions that have driven oil prices to five-month lows.
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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 has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, Qatar's oil minister said on Thursday, sending oil prices more than a dollar higher.
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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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ABUJA, Nigeria -- OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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OPEC, seeking to stem a two-month slide in oil prices, said yesterday Venezuela and Nigeria would cut crude production by a combined 170,000 barrels a day.
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DRIVERS can look forward to cheaper petrol in the new year, with price cuts expected of up to 10c a litre. Oil ministers of the Organisation of Petroleum Exporting Countries (OPEC) agreed in Cairo on Friday