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7/15, 8:55 AM (Source: TeleTrader)
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Oil output boost best way to fight rising prices - OECD

OECD Secretary General Mathias Cormann told CNBC, during the Squawk Box interview on Friday, that boosting oil output is the best way to fend off the growing prices and bring them back to stable levels.

Cormann, who is currently attending the G20 meetings in Indonesia, underlined that "there are options available to the world in the context of an open global market economy, where through increased production from other sources [aside from Russia] we can make up some of that difference [in the lack of supply]."

Previously, United States Treasury Secretary Janet Yellen noted that "imposing a price cap on Russian oil would lead to "downward pressure on prices for consumers." Meanwhile, Moscow warned that such actions would only lead to further increases in the price.

Baha Breaking News (BBN) / AY