OPEC's agreed crude output hike from Nov 1 could cut oil price - Kuwait |
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Mon, 22 Oct 2007 08:37
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KUWAIT (Thomson Financial) - Kuwait's acting oil minister said OPEC's agreed production output increase of 500,000 barrels per day from Nov 1 could bring down the price of crude oil.'We believe supply and demand will be influenced positively once OPEC production is increased by 500,000 barrels a day' to cut the price of a barrel of crude, said Mohammad al-Olaim to journalists.The Organization of Petroleum Exporting Countries had decided in September to pump over 500,000 barrels per day more from Nov 1 to lower prices.The price crude exceeded 90 usd per barrel for the first time on Thursday, bringing its year-on-year increase to almost 50 pct.tf.TFN-Europe_newsdesk@thomson.comafp/slj/jfr/ms1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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