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Published in TZ Latest News 22 July, 2015 by The TZ Newswire Staff

OPEC sees oil drop as short-term, expects stronger demand: delegates

LONDON/DUBAI (Reuters) – A drop in oil prices this month is likely to be short-term and will not deflect OPEC from its policy of keeping output high to defend market share, delegates from Gulf OPEC members and other nations said. OPEC, in a major policy shift, decided in November against cutting its production target of 30 million barrels per day (bpd) to prop up prices, seeking instead to defend market share against U.S. shale oil and other competing sources. “I don’t think so, it is not time for OPEC to change,” said a Gulf OPEC delegate.