OPEC to Cut Supply in Bid to Set Price
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The Organisation of Petroleum Exporting Countries (Opec) agreed on Friday to cut the supply of oil to world markets and defend higher prices in spite of concern about the effect of $40-a-barrel oil would have on economies, businesses and households.
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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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Oil cartel OPEC is set to keep output  quotas steady at a meeting in Caracas on Thursday, overruling a  proposal by host Venezuela -- the group&#039;s fiercest price hawk  -- to cut production.
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OPEC will consider raising its average price band at a meeting next week, but has forecast crude prices to fall by up to a third once elections in the US and Iraq are completed.
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By Peg Mackey and Francois Murphy CAIRO  - OPEC oil producers said on Thursday that Friday's ministerial meeting would focus on halting oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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OPEC may be considering cutting its production to stem the recent steep decline in oil prices.
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Opec, the oil producers&#39; cartel, is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
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Oil prices fell below $66 on Monday as   Iran offered to temporarily halt its nuclear enrichment program   and on expectations that OPEC will keep output steady at high   rates this year.
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OPEC oil producers said on Thursday that  Friday's ministerial meeting would focus on halting oversupply  to bolster falling prices and that the cartel would have to  reduce output quotas early next year.
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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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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 on Thursday prepared to leave oil  supply quotas unchanged and keep pumping at full capacity,  rejecting a push for a production cut by host Venezuela, the  cartel&#039;s leading price hawk.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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OPEC, producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent to end the biggest six-week drop in prices since demand collapsed after the September 2001 attacks on the US.
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OPEC is poised to stick with existing  oil supply limits, deferring a decision on cutbacks to counter  falling seasonal demand, cartel ministers said on Saturday.
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Oil held around $60 on Friday, as traders weighed OPEC's plans to cut production against overflowing stockpiles in top consumer the United States.
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OPEC oil producers were poised on Friday to stamp out excess supply that has lowered world prices from record highs.