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| June 16, 2005 | Thursday | Jumadi-ul-Awwal 8, 1426 |
Opec hikes output
VIENNA, June 15: Opec adopted a two-pronged plan to tackle high oil prices and supply problems on Wednesday, raising the cartel’s oil production ceiling next month and promising another increase later if prices do not fall.
It decided to raise the current production ceiling by 500,000 barrels per day to 28 million bpd from July 1. It also warned consumer nations and the oil industry that they must tackle a refinery bottleneck which it blames for driving oil prices above $55 a barrel.
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