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High prices won't stop OPEC cuts.

Publication: The Register-Guard (Eugene, OR)
Publication Date: 31-MAR-04 		Format: Online
Delivery: Immediate Online Access
Full Article Title: High prices won't stop OPEC cuts.(Government)(DeFazio urges Bush to file a complaint with the World Trade Organization)

Article Excerpt
Byline: From Register-Guard and news service reports

VIENNA, Austria - The current high price of oil should not prevent OPEC from cutting its output target by 4 percent as planned, oil ministers said Tuesday.

Those arguing for pressing forward with the cut claim that the world market is awash with crude - something that might surprise U.S. motorists who are paying record prices for gasoline.

Saudi Arabian oil minister Ali Naimi said the 11-member Organization of Petroleum Exporting Countries should stick with its earlier decision to trim its output target by 1 million barrels a day starting Thursday. Oil ministers from four other countries - Venezuela, Libya, Algeria and Iran - made similar arguments.

OPEC representatives were gathering in Vienna for informal talks on output policy before meeting formally today. OPEC supplies about a...

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