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OPEC oil prices rises ahead of possible production cuts

Mohit Joshi 15 December 2008

OPEC oil prices rises ahead of possible production cuts Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to rise Friday, ahead of a meeting of the cartel on December 17, at which production cuts are expected to be discussed.

One barrel (159 litres) of OPEC-produced crude stood at 41.32 dollars Friday, 1.20 dollars higher than on the previous day, the Vienna-based organization announced Monday.

OPEC president Chakib Khelil last week called for a "drastic cut" of oil production, ahead of the meeting of oil ministers in Oran, Algeria on Wednesday.

Oil prices have been falling in the past months, as the global economic downturn had a negative impact on demand. (dpa)

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