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Low expectations for oil output cut as OPEC meets
Gulf oil producers led by Saudi Arabia are expected to press the case on Thursday for not yet cutting OPEC output, despite calls from some members of the group to bolster sagging prices by removing surplus crude from the market. Saudi Oil Minister Ali al-Naimi and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said on Wednesday they expected the oil market to stabilize itself. A Gulf OPEC delegate told Reuters the Gulf producers had reached a consensus not to cut output. "OPEC is unlikely to cut today," one Gulf OPEC delegate told Reuters on Thursday, just hours before the meeting was due to ... (full story)
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