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OPEC could reduce output to keep price at $99: Apicorp
- Middle East: Thursday, April 18 - 2013 at 02:52
The Arab Petroleum Investments Corp (Apicorp), an inter-governmental Arab energy lender, has said Opec will probably cut production if Brent prices keep trading below $100 a barrel because that's less than what many member countries need to balance their budgets, Bloomberg has reported. "OPEC will definitely need to cut production to shore up prices as they can't produce at prices close to their break-even level," said Apicorp senior consultant, Ali Aissaoui. Oil prices must average $99 this year for the 12 members of Opec to be able to balance their national budgets, he said.
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