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OPEC members expected to agree cut in crude productionVIENNA (AP) — OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day. Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand. The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November. Mohammed Hamad al-Rumhy, Oman's oil and gas minister, said Wednesday of the production cut expected at Thursday's meeting that 'we haven't discussed the numbers.'
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Risk of no OPEC deal? 'It's real,' Saudi energy minister saysSaudi Arabia's energy minister has spoken of the possibility of OPEC oil producers and their non-OPEC partners not reaching a deal over whether to cut oil production this week.
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Global Stocks Fall, and Oil Slides as OPEC Weighs CutsStocks world-wide fell sharply, with the arrest of a high-profile Chinese executive rattling hopes for warming U.S.-China relations, while energy prices resumed their steep drops. Futures pointed to opening losses.
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