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OPEC Keeps Oil Output on Hold Despite Low Prices

Reflecting its lessening oil clout, OPEC decided Thursday to keep its output target on hold and sit out falling crude prices that will likely spiral even lower as a result. Oil prices fell sharply on the news. Even though the decision was largely expected, it showed the once-powerful cartel is losing the power to push up markets to its own advantage. The move to maintain a production target of 30 million barrels a day appeared to reflect acceptance of the Saudi view within OPEC that short-term pain had to be accepted for later gain.

Source: Inform

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