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OPEC to Cut Daily Output by 1.2 Mln Barrels
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The Organization of Petroleum Exporting Countries (OPEC) announced on Friday a deal to cut its daily oil output by 1.2 million barrels from November 1, first time the cartel curbed production since April 2004.

The decision was made at OPEC's extraordinary meeting in Doha.

OPEC spokesman Omar Farouk Ibrahim said the cartel has decided to reduce its daily production from 27.5 million to 26.3 million barrels.

The cut is aimed at boosting prices, which have declined more than 25 percent since mid-July.

The reductions would be in actual production levels, said OPEC Vice Chairman and Oil Minister of the United Arab Emirates Mohanmed bin Dhain al-Hamili after the meeting.

He did not specify the reductions that each member country would make.

OPEC is scheduled to meet again in December in Nigeria, and analysts believe that the cartel would look into a further cut then.

(Xinhua News Agency October 20, 2006)

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