A man changes the price for a gallon of gasoline at a gas station in Medford, Massachusetts December 4, 2014. REUTERS/Brian Snyder
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Crude took a fresh drubbing Wednesday as OPEC reduced its estimate for 2015 demand, Kuwait offered new discounts to Asian customers and the Saudi oil minister questioned the need for an output cut.OPEC cut the forecast for how much crude it will need to produce next year by about 300,000 barrels a day to 28.9 million, the least since 2003 . The group's three largest members, Saudi Arabia, Iraq and Kuwait, are offering oil to Asian buyers at the deepest discounts in at least six years. Prices plunged 17 percent since the group met on Nov. 27 and agreed to maintain a 30 million-barrel-a-day production target.Prices now are below what 10 out of OPEC's 12 members need for their annual budgets to break even, according to data compiled by Bloomberg.Demand for OPEC's crude next year will slump to the lowest since totaling 27.05 million a day in 2003, the group's data show.OPEC's 12 members last month pumped about 1.15 million barrels a day more than the 2015 level.
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