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Saudi Arabia, blamed for driving oil prices...

Saudi Arabia, blamed for driving oil prices down by flooding the market recently to teach errant OPEC members a lesson, has sharply cut back its output in the past week, according to wire service reports from the Middle East. Persian Gulf-based oil executives said Saudi oil output was reduced to 4.4 million barrels per day in the past week, close to its official OPEC quota. The report came as the Saudis and five Gulf allies met Sunday in Riyadh on ways to trim output and shore up oil prices, four days before a key OPEC committee meeting in Madrid.


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