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Are 1986 prices needed to jolt OPEC into action? While the Gulf Cooperation Council's call last week for cooperative cuts by OPEC and non OPEC exporters briefly rallied markets, they're not likely to happen, says Middle East Economic Survey (MEES). Proposals at the Riyadh meeting of GCC oil ministers focused on non OPEC production cuts of about 700,000 1 million b/d, a scenario that would almost certainly prove incapable of realization," MEES said.

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