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OPEC may increase production targets in December as oil rises above $75 a barrel

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OPEC may increase production targets in December as oil rises above $75 a barrel

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The aim is to stop the rising prices threatening the recovering global economy.

The Organization of Petroleum Exporting Countries / OPEC will meet in December in Angola to review production quotas. They have remained unchanged at a collective daily limit just under 25,000 million barrels since the start of 2009. .24/.4 Crude futures have rallied 80% this year, with a near 10% jump in prices over the last 2 weeks due to a rebound in diesel demand. In 2010, US crude oil is expected to average at $74 a barrel, and over $81 in 2011. A weak US dollar has played a role in boosting dollar-denominated commodities such as oil as they become cheaper for holders of other currencies. If the dollar does regain some of its strength, it may weigh on oil prices, especially if the demand remains relatively soft. 1.02 OPEC says an output increase would depend on whether prices remain at $75 to $80 a barrel, (stockpiles return to the five-year average and floating inventories disappear.)