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Page last updated at 11:33 GMT, Friday, 24 October 2008 12:33 UK

Opec cuts oil production

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The oil-exporters' group Opec has announced it will cut oil production output by 1.5 million barrels a day.

President of Opec, Chakib Khelil, told reporters that oil producers had 'no choice' but to cut production as the current financial climate had caused an 'over-supply' of existing stocks.

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