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Oil prices rise as Saudi announces output cuts

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The oil industry in denial of climate change, despite mounting evidence

There is no doubt that despite the targets set for achieving greater self-sufficiency, little action has been taken to ensure an increase in domestic oil output. This is apart from efforts to enhance oil recovery from existing fields through use of advanced technology. But any substantial increase in indigenous production can only be achieved by making investments in exploration in prospective onland and offshore areas

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Foreign funding key for raising domestic oil output