"Arab Gulf producers are seen as most likely to cut supply, while others see Iran, Venezuela and the North African producers' positions as being more ambiguous."
- The International energy Agency said in its latest monthly report. The IEA said OPEC's pledge to cut crude production by 1.2 million b/d from November 1, however, is only likely to result in an actual reduction of 600,000 to 900,000 b/d.

"The IEA report has pushed prices down slightly as well as the market trying once again to find its feet. Ultimately though, there isn't that much happening as volumes are pretty low so far."
- A London-based broker said Friday as the latest International Energy Agency report showed a reduction in projected global oil demand and an increase in non-OPEC supply.

Updated: 11/10/06
 

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