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. Last Updated: 07/27/2016

Trio Plans to Boost Oil

LONDON -- Leading oil producers Saudi Arabia, Venezuela and Mexico are set to propose that the Organization of Oil Producing Countries raise oil output by 1.2 million barrels per day from April, OPEC delegates said.

They said Thursday at a meeting in London that the three would put the finishing touches on an accord that would also see non-OPEC Mexico agree to raise supply by 90,000 bpd.

The aim of the producers would be to ease benchmark U.S. light crude back below $25 a barrel. U.S crude was valued Wednesday at $30.70 a barrel.