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Commodities Briefing - Categorized | Oil, Price Watch more

Saudi opposition to Iran fades on $100 oil goal: Energy Markets

Posted on 28 October 2011

Saudi Arabia’s biggest cut in oil output in three years is a sign OPEC’s largest producer is finding common cause with its long-time rival Iran.
The kingdom reduced supply by 400,000 barrels a day, or about 4 percent, last month, Oil Minister Ali al-Naimi said Oct. 8, reversing increases that it started in April, when declining Libyan exports sent North Sea Brent to a 2 1/2-year high. Crude prices have fallen 14 percent since then as the North African nation revived production and the International Energy Agency lowered its forecast for global demand………………………………………..Full Article: Source


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