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According to Reuters,  Ecuadorean Oil Minister Carlos Perez has recently argued that OPEC should maintain oil production cuts at its next meeting.

At the time of writing, the barrel of West Texas Intermediate was trading at $66.33, down 2.3% on the day, while the barrel of Brent was losing only $0.25 at $75.

Earlier this week, oil prices came under pressure  amid speculations of OPEC and Russia looking to ramp up the production to compensate for  the reduction in supply from Iran and Venezuela.