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The Wall Street Journal: Oil News Roundup: October 11, 2006 7:57 p.m.

THE WALL STREET JOURNAL ONLINE
October 11, 2006 7:57 p.m.

Oil prices fell once again, ending the day at the lowest level in 2006, on doubts as to whether the Organization of the Petroleum Exporting Countries will significantly reduce production. Here is Wednesday’s roundup of oil and energy news:

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OIL FALLS AGAIN ON DOUBTS ON OPEC: Crude oil closed at its lowest level of the year, even as OPEC said it will cut its crude oil production by 1 million barrels a day. But with cartel members still hashing out crucial details over how much to prune output and how to share the pain of doing so, buyers seem to doubt the organization’s resolve to halt a recent plummet in oil prices.

•Most Hostages in Nigerian Raid Freed: Most of the dozens of troops and oil workers taken hostage in a raid on a navy base and neighboring oil facility in southern Nigeria have been released, police said Wednesday. Remaining hostages — employees of a subsidiary for Royal Dutch Shell PLC — were expected to be freed within hours.

•Ruptured Pipeline Spills Oil into River in Canada: More than 1,200 barrels of oil spewed yesterday from a ruptured pipeline in northern Alberta. Some of the spilled oil has flowed into a river and nearby ponds.

•Bad Weather Shuts Alaska Pipeline: Both the nation’s largest oil field and the trans-Alaska pipeline that transports its oil were shut down Tuesday due to high winds at both ends of the 800-mile pipeline. Production fell to about 35,000 barrels Tuesday; about 350,000 barrels were produced Monday.

•Siphoning of Oil from Sunken Tanker in Flux: Uncertainty still hounds the planned siphoning the remaining bunker fuel from the sunken tanker Solar I, two months after the tanker went down off Guimaras Island in the Philippines, triggering one of the country’s worst oil spill disasters.

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