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CNBC BREAKING NEWS FROM MELISSA FRANCIS: OPEC HAS NO PLANS FOR EXTRAORDINARY MEETING RIGHT NOW

When: Tuesday, March 8, 2011

Where: CNBC’s “Squawk Box”

Following is the unofficial transcript of breaking news from CNBC’s Melissa Francis. All references must be sourced to CNBC.

MELISSA FRANCIS: GOOD MORNING CARL. THIS COMES FROM A SOURCE INSIDE OF OPEC JUST A FEW MINUTES AGO SAYING THAT THE GROUP HAS HAD CONSULTATIONS ABOUT AN EXTRAORDINARY MEETING AND FOR THE MOMENT THERE IS NO PLAN. NOW THAT IS A DIRECT QUOTE. “AT THE MOMENT THERE IS NO PLAN.” READ INTO THAT WHAT YOU LIKE. IT MEANS OBVIOUSLY THEY ARE TOGETHER TALKING ABOUT THIS THEY ARE CONSIDERING IT THEY HAVEN’T CLOSED THE DOOR TO IT. AT THE MOMENT THERE IS NO PLAN. CRUDE OIL OF COURSE OVERNIGHT TRADING DOWN AFTER WORD CAME FROM KUWAIT’S OIL MINISTER THAT OPEC MEMBERS WERE CONSIDERING A MEETING SO THIS CONFIRMS THAT AND SAYS THEY ARE IN CONSULTATIONS AT THE MOMENT NO PLAN FOR A MEETING, BUT WE WILL CERTAINLY KEEP YOU POSTED ON THIS STORY. RIGHT NOW, CRUDE OIL IS TRADING DOWN SLIGHTLY AHEAD OF THE OPEN.

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