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Oil Above $63 After Unofficial OPEC Cut

(Reuters) – Oil rose above $63 on Thursday after a report that key OPEC producers, including Saudi Arabia, had agreed unofficially to cut production to stem falling prices…

A Nigerian oil industry source told Reuters that Nigeria was joining Saudi Arabia, the world’s biggest oil exporter, and Kuwait to trim oil supply from October 1.

“Nigeria will cut by five percent from October 1 because of the unofficial discussions between OPEC members,” the source said, asking not to be named.

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