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OPEC 'optimistic' oil output cuts leading to price recovery

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AFP, Abu Dhabi :
Oil-exporting cartel OPEC is optimistic that production cuts agreed with non-members to prop up prices will lead to a recovery in the market, its chief said on Wednesday.
"We are optimistic that the policy measures we have taken already place us on the path of recovery," OPEC Secretary General Mohammad Sanusi Barkindo said at an energy forum in Abu Dhabi.
OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year.
Some non-cartel producers, led by Russia, joined in in December  ommitting to cut output by 558 million bpd.
The OPEC chief did not take a position on whether oil ministers from
participating countries would extend the cuts when they meet in Vienna next month.
"These 24 countries, I believe, will take a decision that will be in the best
interest of not only producers but also consumers and the global industry in general," he said.

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