EU fails to convince OPEC to boost oil production

The group of major oil-exporting countries, OPEC, has ruled out a further increase in oil production, saying there is sufficient supply to the market and that other factors, including US foreign and economic policies, are to blame for record price hikes.

"All you need to do is look at the data to be convinced that the market is well-supplied in oil, that we have enough surplus capacity and we have enough stocks in the market," Chakib Khelil, the president of the Organisation of Petrole...