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Gulf land expected to weigh price cut

Saudi Arabia and its oil-producing allies are considering a ''small and gradual'' decrease in the base price for oil, an oil industry newsletter said. Quoting sources in the Mideast, Petroleum Information International said a price cut announcement ''is likely to come out of the meeting of oil ministers of the Gulf Cooperation Council scheduled to take place around the second week in January.'' The Gulf Cooperation Council comprises the oil-producing nations along the Persian Gulf.