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OPEC mulling deep output cuts

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OPEC mulling deep output cuts

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OPEC has promised to make another deep cut in oil supplies at its meeting in Algeria as the worldwide recession has battered demand.

There is speculation that members of the Organisation of the Petroleum Exporting Countries could agree to pump as much as two million barrels of crude less each day. The cartel is hoping that will be enough to raise prices in the face of the worst fuel demand slump in a generation. Inventories are very high and prices remain below 50 dollars a barrel.