Oil price in suspense about the impact of OPEC output cuts
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Crude oil futures begin to factor in colder weather in the US Northeast and OPEC decision to cut production to keep the prices high.
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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 members enforce their decision to lower output, ministers said.
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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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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 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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As OPEC&#39;s leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder if the cartel&#39;s influence has waned at a time when producers outside the
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Oil steadied near $60 on Friday as investors were cautious on OPEC's resolve to carry out a planned supply cut and fuel inventories swelled in top consumer the United States.
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OPEC has stressed its view that high oil prices were a result of speculation and pledged to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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VIENNA -- A wary OPEC said yesterday it will keep pumping crude at current levels, while also making it clear it would consider trimming production if oil prices keep plummeting.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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OPEC president says the oil cartel may delay discussion of a cut in production quotas until Q1 of next year. Purnomo Yusgiantoro says this would allow it to get a clearer picture of the supply-and-demand situation.
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Crude futures rose Friday amid market jitters over possible production cuts by OPEC at their meeting in Egypt, as well as fears that winter weather will put pressure on supplies.
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Oil prices steadied on Monday as OPEC  member Saudi Arabia cut exports, helping to pull the market  back from a five-month low hit earlier amid a bout of fund  selling.
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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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Analysts say OPEC could cut of oil production quota on Fridayâs meeting if US oil prices keep sliding. LONDON - Oil prices rebounded Monday after falling sharply last week on receding supply worries, buoyed
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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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VIENNA -- OPEC will hold its oil production steady for now -- but it is casting a wary eye on prices as the cost of crude plummets to five-month lows.