Saudi Arabian Oil Minister Ali al- Naimi said there is no need for an oil production increase at a meeting of the Organization of Petroleum Exporting Countries later today.
OPEC, which supplies about 40 percent of the world’s oil, hasn’t changed quotas since late 2008, when it announced the biggest-ever reduction in output as global demand collapsed.
Crude oil rose 3.3 percent last month on the New York Mercantile Exchange and exceeded $90 a barrel on Dec. 7 for the first time in more than two years.
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