OPEC says no need for oil output hike

RIYADH (AFP) – OPEC secretary general Abdallah al-Badri said on Wednesday that there is no need for the oil cartel to increase production now because there is plenty of oil in the market. "At this time, frankly we don’t see that we need to add more oil in the market," Badri told a press conference in Riyadh ahead of a weekend OPEC summit.
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