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Opec poised to slash oil production.

THE Organisation of Petroleum Exporting Countries is expected to agree a cut in its oil production of around 1.5m barrels a day when its energy ministers hold an extraordinary meeting to discuss policy in Vienna on Wednesday.

The meeting comes as crude oil prices have begun to rise again after a sustained slump late last year. From a high above $33 a barrel in October, the price of the benchmark North Sea Brent crude fell to below $23 in late December, but has since climbed back above $25.

That is the level aimed at by Opec and there are fears that a reducti

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