OPEC Agrees to an Oil Supply Crackdown
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OPEC oil producers on Friday agreed to  stamp out excess supply that has lowered world prices from  record highs.
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OPEC oil ministers yesterday backed steps to end overproduction when members of the oil cartel meet in Cairo today. Saudi Arabia and others were authorised to open the taps in August as
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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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Oil prices settled under $41 for the first time since July Friday as dealers took profits on a widely expected move by the OPEC cartel to curb production in excess of its official output ceiling.
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OPEC has extended a message to calm down to the oil consuming countries following an agreement by its countries in Vienna to increase the ceiling of oil production by 4%, which means an increase of one million barrels a day, in the hope to reduce prices.
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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 $1.50 higher.
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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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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 on Wednesday lifted oil supply quotas by one million barrels a day, 4 per cent, in a renewed bid to force down stubbornly high world crude prices.
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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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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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OPEC's president has taken the  unprecedented step of urging the United States to tap its  emergency crude reserves to bring down world oil prices.
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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 took the unprecedented step of  urging the United States to tap its emergency crude reserves to  bring down world oil prices.
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OPEC oil producers on Saturday said they  had already moved to enforce a deal to rein in excess supply, a  day after doubts over the group's resolve to cut sent prices  into a tailspin.  Oil prices fell 4 percent on Friday to the  lowest level since July despite the cartel's agreement to wipe  out one million barrels per day (bpd) of excess supply from  January 1.
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THE Organisation of Petroleum Exporting Countries (OPEC) is hiking its official output by one million barrels per day effective November with Nigeria getting 82,000 barrels per day or 8.2 per cent of the new quota.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.