OPEC ministers say no need to raise output

REUTERS

OPEC oil ministers signaled on Monday the group would not boost output even as prices approached $100 per barrel, despite warnings from the West's energy watchdog, which described prices as "alarming."
The United Arab Emirates' oil minister said he was not concerned by rising prices, echoing comments by other OPEC producers Iran and Venezuela this week. Algeria's oil minister said the oil market was balanced.

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