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Commodities Briefing - Categorized | Market Pulse, Oil more

Chances Increase for OPEC Output Cut

Posted on 30 November 2011

Senior members of the Organization of Petroleum Exporting Countries informed that the oil cartel will likely decide to cut oil output at its December 14 meeting in Vienna.
Reuters reported last week that industry observers said a cut in output was unlikely to find support among the Persian Gulf Arab OPEC members while oil prices remain well above $100 a barrel, but Iraq joined Iran, Venezuela and many others who have all called for a decrease in production quotas. Iraq’s Oil Minister Abdul-Kareem Luaibi said the organization should cut. ……………………………………….Full Article: Source

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