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OPEC lifts oil limits

Vienna, June 15
OPEC lifted oil output limits on Wednesday but, bumping up against full capacity, failed to make any immediate dent in $55 a barrel crude.

The Organization of the Petroleum Exporting Countries agreed to raise its formal production quotas by 500,000 barrels a day to 28 million bpd. Cartel President Sheikh Ahmad al-Fahd al-Sabah was authorised to trigger consultations on a further 500,000 bpd increase within a matter of weeks, should prices stay high. Reuters
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