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Has Opec lost control?

Minutes after Opec tried to cool scorching oil prices by announcing a hike in its output target, oil surged to record highs. Has Opec lost control, and is there anything it can do to bring prices down? Stella Farrington finds out

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Shortly after the Organisation of Petroleum Exporting Countries (Opec) announced its latest plan to hike its oil output target by 500,000 barrels a day (b/d), oil prices rallied to an all-time record high on both the New York Mercantile Exchange and the International Petroleum Exchange. Hardly what the producers’ group had been aiming for.

Throughout its March meeting in Iran, Opec stressed it

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