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OPEC lifting oil output to cool pricing: reports *PIC*

OPEC lifting oil output to cool pricing: reports (by Robert Daniel)

TEL AVIV (MarketWatch) -- Key members of OPEC, including Saudi Arabia, Kuwait, the United Arab Emirates and Nigeria, are lifting oil output to push back oil prices, which have soared during the unrest in the Arab states, Tuesday media reports said. The move would address global concerns that the unrest in the Arab nations might interrupt global oil supplies, as well as worries that higher oil prices might send inflation soaring or depress economic growth, reports said. In particular, a production increase at the Organization of the Petroleum Exporting Countries would about make up the shortfall in supplies out of Libya, which is currently wracked by a civil war, reports said. Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters Tuesday that OPEC was in talks about increasing production but hadn't yet decided to do so, Reuters reported.

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OPEC lifting oil output to cool pricing: reports *PIC*