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OPEC unlikely to cut oil quotas

September 08, 2009|Times Wire Reports

OPEC ministers won't reduce oil output quotas at this week's meeting in Vienna, Kuwait's oil minister said.

"I don't see any further cut," Sheik Ahmed al Abdullah al Sabah told reporters, adding that Kuwait and the Gulf Cooperation Council would push for stricter quota compliance.

The Organization of the Petroleum Exporting Countries agreed at three meetings last year to cut output by 4.2 million barrels a day to 24.845 million to bolster prices.

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