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Opec will not increase oil production

The UAE’s oil minister Mohammad Al-Hamli…

November 7, 2009 10:37 by

The UAE’s oil minister Mohammad Al-Hamli has said that Opec is not currently planning to increase oil production. “Up until now raising production is not on the agenda for the Opec,” he said on Saturday.

The minister added that although the world economy was not yet “out of the woods”, higher oil prices indicated a recovery. Crude oil is currently trading at around $80 per barrel.

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