OPEC defers output hike, now considering a cut

The Organization of Petroleum Exporting Countries has deferred a decision on any further oil production increases until January.At its ministerial meeting in Vienna last week, the 11-nation organization continued to wrestle with the question of how production adjustments might steady the oil price within the desired $22-28/bbl range.Output change approachesOPEC did not change its price band mechanism, which uses a "basket" of seven OPEC member crude prices as a benchmark for making production adjustments to keep oil prices within the target range.But several delegates, including Qatar's Minister of Energy and Industry Abdullah Bin Hamad Al-Attiyah, confirmed that the mechanism would n...

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