OPEC eyes another output hike to cut oil prices

Click here to enlarge imageThe Organization of Petroleum Exporting Countries has signaled its intention to raise output levels from 10 of its member countries to 25.9 million b/d by the end of the month if world oil prices remained at "current levels."Oil futures prices fell last week by more than $2/bbl to less than $30/bbl for New York Mercantile Exchange (NYMEX) crude for August delivery in response to reports of the imminent production increase, and some analysts are suggesting a fall to as low as $20/bbl is possible.OPEC notificationIn a statement issued through OPEC News Agency, Alí Rodríguez Araque, Venezuela's minister of energy and mines and the organization&#...

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