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Opec to meeting on high oil prices

Is oil too expensive?

That is the question facing the Opec oil cartel.

The 12 member group will debate whether to crank up output to force prices down.

But the question is not as easy to answer as it seems.

Light crude is currently trading around 13% above its average price for the past year and on that basis it is costly.

But oil is sold in dollars and the greenback has lost 17% against a basket of currencies over the same period, complicating the picture.

Russell Padmore reports.

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