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WASHINGTON (AP) - Volatility is likely to remain a feature of the oil market for some time, Adnan Shihab-Eldin, acting secretary-general of the Organization of Petroleum Exporting Countries, said Saturday.
In a statement to the International Monetary and Financial Committee in Washington, Shihab-Eldin said that despite OPEC's increasing its oil production, inadequate refining capacity in oil-consuming countries would keep oil prices high.
The impact of high oil prices on world economic growth has been the major talking point of this weekend's annual meetings of the International Monetary Fund and World Bank, as well as the meeting of the Group of Seven leading industrialized nations' finance ministers Friday. In their communique, G-7 ministers called on oil-producing countries to increase supply to help ease the inflationary impact that high oil prices are having on oil-consuming countries.
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