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BREAKING NEWS FROM CNBC'S MELISSA FRANCIS: OPEC UPDATE

WHEN: TUESDAY, JUNE 7, 2011

WHERE: CNBC'S "FAST MONEY HALFTIME REPORT"

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

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SCOTT WAPNER: MARK LET ME GO TO MELISSA FRANCIS. SHE'S IN VIENNA WITH SOME BREAKING NEWS ON THE PHONE. MELISSA WHAT DO YOU HAVE.

MELISSA FRANCIS: THATS RIGHT SCOTT. I HAVE 2 STORIES RIGHT NOW. THE FIRST OF WHICH IS THE ONE WE ARE ALL WAITING FOR. OPEC SOURCES TELLING ME THAT THEY WILL RAISE THE PRODUCTION QUOTA TOMORROW AT THE MEETING THE AMOUNT BY WHICH THAT QUOTA WILL GO UP THOUGH IS STILL UNDER DISCUSSION RIGHT NOW SO WE ARE GOING TO SEE THE QUOTA MOVE FOR THE FIRST TIME IN 2 AND A HALF YEARS THE AMOUNT STILL UNDER DISCUSSION RIGHT NOW AS WE SPEAK THE QUOTA RIGHT NOW IS 24.845 MILLION BARRELLS PER DAY DEPENDING ON WHAT NUMBERS YOURE LOOKING AT ACTUAL PRODUCTION IS ABOVE 26 MILLION BARRELLS PER DAY SO WE'RE GOING TO SEE THOSE NUMBERS MOVE HIGHER. THE SECOND STORY THAT IS ALSO REALLY IMPORTANT SAUDI SOURCES DENYING STRONGLY TO ME THE STORY THAT HAS BEEN CIRCULATING EVERYWHERE TODAY ABOUT THEM SAYING THEY ARE GOING TO GO AHEAD AND RAISE PRODUCTION ON THEIR OWN REGARDLESS OF WHAT HAPPENS AT THIS MEETING THEY ARE STRONGLY DENYING THAT STORY RIGHT NOW SAYING IT IS NOT TRUE SO TWO BIG STORIES COMING UP OUT OF OPEC RIGHT NOW THAT SHOULD MOVE OIL MARKETS SCOTT BACK TO YOU.

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