OPEC moves to reduce production

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OPEC ministers have expressed their support of an imminent reduction in production levels - the first in two years. Both Iran, Opec's second largest producer & Algeria have publicly endorsed the proposal made on Thursday. OPEC president and Nigeria's oil minister said there was "more or less" consensus for a one million barrel per day reduction. The decision comes after oil dropped less than $60 a barrel Friday.

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At news.bbc.co.uk

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