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British Finance Minister Gordon Brown gave a speech on Tuesday in which he called for OPEC to increase oil production output by a half a million barrels per day to correct what is "at root, a problem of demand outstripping supply." "I find it surprising to say that demand is outstripping supply. That is not supported by the facts," said the cartel's Acting Secretary General, Adnan Shihab-Eldin. "It is not the producers' fault." He also said, "The international companies and the consuming countries have also to do their share, it is a joint responsibility." On the price, he said, "We have to be above $40 ... and perhaps certainly below the $70 and $65 that we have seen..." Source: today.reuters.co.uk
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