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Oil prices hit fresh lows as Opec begins pivotal meet

12-member cartel under pressure from Venezuela and Ecuador to cut output

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Published Thu, Nov 27, 2014 · 09:50 PM

    Vienna

    OPEC ministers met on Thursday to decide whether to slash oil production amid a glut in global supplies, sending crude prices to new lows ahead of their pivotal vote.

    The 12-nation oil cartel is under pressure from its poorer members such as Venezuela and Ecuador to cut output as collapsing prices have slashed their precious revenues.

    OpecOil prices

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