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Saudis seen rejecting calls for OPEC cuts as rivals pump more
Saudi Arabia and its Gulf allies will reject calls from fellow OPEC members to cut output, Iran said on Wednesday, two days before the group meets amid flagging oil prices and a worsening global glut. "It is unlikely that these countries voluntarily cut their output," Iran's OPEC governor Mehdi Asali told Iranian news agency Shana, adding that a majority of members would support a cut. OPEC is widely expected to stick to its policies - enforced by Saudi Arabia's oil minister Ali al-Naimi a year ago - of defending market share by pumping record volumes to drive rival, higher-cost producers out of the market. While the ... (full story)
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