February 2016, Vol. 243, No. 2

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UAE Backs Majors' Output Freeze Plan

DUBAI, United Arab Emirates (AP) — The United Arab Emirates on Thursday threw its support  behind a plan by major oil producers to freeze output levels in an attempt to halt a slide in crude prices that has pushed them to their lowest point in more than a decade. Russia, Saudi Arabia, Qatar and Venezuela announced their willingness to cap output at last month’s levels at a surprise meeting in Qatar this week — but only if other major oil producers join them. OPEC member Kuwait has since said it supports the proposal, and Iran has offered at least tentative backing. The support from the Emirates, a close Saudi ally, does not come as a major surprise but is still significant. The sev

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