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OPEC Says Higher Output Will Not Affect Gasoline Prices

OPEC members say an increase in oil output will have no impact on global prices for oil.

Ministers from the Organization of Petroleum Exporting Countries say that current price increases are not related to a shortage of supplies. Producers have blamed a decline in the value of the U.S. dollar for the record oil prices.

OPEC ministers are meeting in Riyadh, Saudi Arabia, Thursday ahead of a summit of OPEC leaders, which begins on Saturday.

During the conference, leaders from OPEC's 12 member countries are expected to announce a fund that will support environmental initiatives for reducing emissions of carbon dioxide.

The heads of state summit is only the third since OPEC was founded in 1960.

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