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Oil producers working intently to force prices up

Historical cuts in oil output look set to be extended going into summer in order to push oil prices upward.

Photo: Essam Al Sudani/Reuters/Ritzau Scanpix

Decent price surges on Tuesday marked the oil market's reaction to expectations that a crucial meeting of petroleum ministers would be brought forward to this week.

The purpose of this move is to secure an extension of the reduction in oil output that has been in effect since May 1.

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