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Saudi Energy Minister Khalid al-Falih said Tuesday the OPEC kingpin was ready to boost its crude production and spare capacity to help maintain a balance in the global oil market.The kingdom currently holds the biggest spare capacity of around 2 million barrels which can be utilized when required.The Saudi minister expected demand for oil, which currently stands at around 100 million bpd, to rise to 120 million bpd over the next three decades.Since that agreement, oil prices have more than doubled and were currently hovering at just under $80 a barrel.
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