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OPEC ready to cut oil supply.

ALGIERS, Algeria - OPEC is expected to make formal Monday a deal to remove 1 million barrels a day of crude from oversupplied markets, an OPEC source said, as ministers lined up to support the cut. Iran, OPEC's second biggest producer, and Algeria on Sunday publicly backed the reduction, OPEC's first since April 2004. The plan was made public on Thursday by a senior OPEC delegate.

OPEC ready to cut oil supply.
xcel, Oct 9, 2006
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