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OPEC official signals upcoming production cut

OPEC official signals upcoming production cut

Iranian state TV says OPEC will consider cutting oil production at its next meeting to help shore up crude prices.
The report Monday on the station's Web site quotes OPEC Secretary-General Abdullah El-Badri as saying the cartel will likely lower production by between 1 million and 1.5 million barrels per day.
The decision is expected at the group's next meeting in Algeria on December 17.
El-Badri is in Tehran for an energy conference. He says OPEC is facing a very difficult situation and plans to "restore oil prices to $90 per barrel."
The bloc is grappling with how to reverse plunging prices, but ended a meeting in Cairo on Saturday without announcing a cut.
Iran on Sunday proposed an OPEC production cut of 2 million barrels per day.