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OPEC to Renew 30 Million BPD Output Ceiling

OPEC agreed on Wednesday to renew its oil production ceiling of 30 million barrels a day for the second half of this year, in a widely anticipated decision. The 12-member Organization of the Petroleum Exporting Countries is satisfied with oil prices around $110 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel, ministers said. Two member countries, Libya and Iran, are producing well below capacity because of civil conflict and sanctions respectively,...

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