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OPEC: Oil At $100 To $120 Is 'Reasonable And Acceptable'

With supply from OPEC running nearly 2 million barrels per day above a self-imposed production ceiling of 30 million barrels per day, OPEC appears poised to rein in production and send crude prices back upward, according to a Reuters report. "It's very clear there is a tremendous surplus that has led to this severe decline in prices in a very short time span," Abdul Kareem Luaibi, Iraq's oil minister, told reporters Monday, according to Reuters.
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