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Prices slid after Saudi Arabian Oil Minister Ali al-Naimi said OPEC should raise its production target by at least 1.5 million barrels per day (bpd) from the current 23.5 million bpd ceiling it meets on June 3.
"We in the kingdom estimate the required increase of the ceiling should not be less than one and half million barrels per day," Naimi said.
"It is certain that the kingdom believes that increasing OPEC production ceiling is essential to keep supply and demand balance."