OPEC Plays Down Oil Boost

World | May 21, 2004, Friday // 00:00

Oil cartel OPEC is trying to pour cold water on expectations it will boost oil output in the face of record price hikes. Ahead of an informal meeting in Amsterdam, OPEC ministers are warning that factors such as security concerns, and not shortages, are driving costs. Industrialized nations fear that high prices could damage global economy, and have called for appropriate moves from OPEC. In London, benchmark Brent crude was USD 37.11 a barrel, down 15 cents, with the New York price at USD 40.63.

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