OPEC Again Says No to More Production

OPEC Again Says No to More Production

OPEC President Chakib Khelil again said oil producers saw no need to raise supply and blamed record oil prices on factors outside the cartel’s control, such as U.S. pressure on Iran and the weak U.S. dollar.

Following talks with European Union nations, Khelil said oil states believe they are pumping enough oil to satisfy demand and there is also stock and capacity to spare.

Saudi Arabia has said it will increase production by 200,000 barrels a day, a relatively small amount compared to the roughly 9.5 million barrels per day the Saudis currently pump.

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