OPEC Says Oil Price `Reasonable,’ Won’t Meet Before September

The Organization of Petroleum Exporting Countries said current oil prices are “reasonable” on an inflation-adjusted basis and world crude oil markets are “adequately supplied.”

OPEC countries are building spare production capacity — currently between 2.5 million and 3 million barrels a day — as a means of moderating prices over the long term, the group’s president, Mohamed al-Hamli, said in an interview on the sidelines of the St. Petersburg International Economic Forum today.

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