EU wants OPEC to raise oil output

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The European Union is talking with oil producers in the hope of persuading them to raise production and reduce oil costs, EU Monetary Affairs Commissioner Joaquin Almunia said on Friday.

“We will continue a dialogue with the producers to increase the supply”, he told reporters after talks with Austrian Finance Minister Karl-Heinz Grasser in Vienna.

Asked if he wanted the Organisation of Petroleum Exporting Countries (OPEC) to increase production in order to bring oil costs down, he replied: “It would be useful.”

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