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OPEC Ministers Say Production Cut Not Likely

Officials of the Organization of Petroleum Exporting Countries (OPEC) say the cartel is not likely to cut production anytime soon, with the market stabilizing following record price hikes.

Oil ministers from Saudi Arabia and Kuwait said in Riyadh Saturday that prices are now more reasonable following the record levels set in August.

Their comments came at a news conference following the inauguration of the new International Energy Forum headquarters, which aims to promote dialogue between oil producers and consumers.

During the ceremony, Saudi Arabian officials unveiled a new database, called the Joint Oil Data Initiative, to provide oil and gas output, demand and stock levels for more than 90 countries.

They say the database will help oil-producing countries understand future trends before investing billions of dollars in new production facilities.

Supporters say it should also reduce the recent sharp fluctuations in the international oil market.

Some information for this report provided by AP and AFP.