With market attention firmly focused on the forthcoming OPEC meeting, we expect oil prices will remain well supported given recent statements from member countries indicating a desire to curtail physical supply.

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We've had some forceful statements from within OPEC. The possibility of OPEC releasing further oil in October under the price band mechanism prompted a degree of profit taking this morning.

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It's clear to us that the overproduction of OPEC members at the moment is more than sufficient to compensate for the loss of Iraqi volumes as they currently stand.

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