OPEC's president said that the group would not raise its formal production targets but it would have to produce an additional 1 million barrels a day to meet strong demand. The comments sent a signals that OPEC no longer worried about an immediate supply shortage.
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OPEC Not Raise Output Quota, Oil Price Gained
Crude oil prices rose slightly Tuesday as OPEC said it would not raise its output
Crude oil prices rose slightly Tuesday as OPEC said it would not raise its output ceiling.
US crude for May delivery rose 18 cents to settle at $54.23 per barrel on the New York Mercantile Exchange.
Meanwhile, on London's International Petroleum Exchange, however, the May Brent crude-oil futures contract fell 87 cents to $53.03 a barrel.
OPEC's president said that the group would not raise its formal production targets but it would have to produce an additional 1 million barrels a day to meet strong demand. The comments sent a signals that OPEC no longer worried about an immediate supply shortage.
OPEC's president said that the group would not raise its formal production targets but it would have to produce an additional 1 million barrels a day to meet strong demand. The comments sent a signals that OPEC no longer worried about an immediate supply shortage.
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