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CARACAS, Venezuela (AP) - The Organization of Petroleum Exporting Countries does not need to raise its output quota and may not need to do so before this summer, Venezuela's oil minister said Tuesday.
Rafael Ramirez said OPEC is considering whether to increase its official production limit by another 500,000 barrels a day — to 28 million barrels — after implementing a similar increase in March.
Venezuela, one of the leading price hawks within OPEC, does not believe an addition production boost is needed, Ramirez said.
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