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Iran Rejects Possibility of Oil Production Increase

Iran does not believe any increase in OPEC crude oil production is necessary, not even a moderate one of half a million barrels. That’s what the country’s Oil Minister Bijan Zanganeh told media after he arrived in Vienna for tomorrow’s start of OPEC’s two-day meeting that might turn out to be one of the toughest in the cartel’s history. "I don't agree with any increase," Zanganeh said, adding that the oil market was balanced and that Iran was fine with the current price level. Another Iranian official, government spokesman…
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