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OPEC Says It Will Not Increase Supplies

OPEC has decided it won't increase its crude oil output despite record high oil prices. Saudi Oil Minister Ali Al-Naimi said the reason for high prices is not from a shortage of supply and that the market determines the oil price.

Rising tensions between the U.S. and Iran are also influencing the high prices.

OPEC president Edmund Daukoru, who is also Nigeria's oil minister, said the market remains volatile with prices being driven more by geopolitical uncertainties and speculation than by supply-demand fundamentals.

U.S. Energy Secretary Samuel Bodman said high oil prices are causing great pain to the United States and global economies. He called for more security at energy facilities around the world to avoid any potentially catastrophic supply disruptions.

The three-day forum officially opened Sunday. It brings together ministers and representatives from 58 countries in order to foster dialogue between producer nations and consumers.

Some information for this report was provided by AFP, AP and Reuters.
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