Opec is producing a surplus of about two million barrels per day, the oil cartel's president Edmond Daukoru said Friday. Daukoru did not say whether the organisation should cut its production by a similar amount as it heads into its meeting next week in Vienna.
Prices have gone up "purely on perceptions of supply inadequacies," he said, adding that: "We are under an obligation to keep the market well supplied."
"If prices persist above the level of 60 we will definitively take that into account," Daukoru added.
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