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Non-OPEC Producers Called on to Cut Oil Output After Rout
Oil producers outside OPEC should cut their “irresponsible” output with excess supplies harming the market, the United Arab Emirates energy minister said. The oil market is oversupplied by 2 million barrels a day, Mohammed Al Sada, Qatar’s energy minister, said in an interview at a conference in Abu Dhabi yesterday. The Organization of Petroleum Exporting Countries has produced about 30 million barrels a day since January 2013 while global output climbed more than 2 million barrels a day to 93.6 million barrels, according to data compiled by Bloomberg. “We call on all other producers to stop the increase ... (full story)
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