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Opec cuts back oil supplies.
Knight Ridder/Tribune Business News, December, 2004
By Brian O'Connor, Daily Mail, London Knight Ridder/Tribune Business News
Dec. 11--The Opec nations sought to keep oil prices high by tightening the screw on supplies.
But last night, prices fell to five-month lows.
At their meeting in Cairo, they agreed to cut back by 1 million barrels a day from January.
Prices immediately rose on the markets. But the rise was reversed when supplies from Iraq's northern pipeline resumed, leaving US light crude down $2 at $40.60.
Consumer countries were keen that Opec should not cut supplies.
But the price of heavy Middle Eastern crude has fallen to $33, well below the US level, and supplies are relatively plentiful. Saudi Arabia's oil minister said: "The price is moderating...
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