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FT.com / Global Economy - Opec leaves production levels unchanged
The Opec oil cartel agreed to maintain its current production level on Thursday, signalling the group's satisfaction with prices of around $70 to $85 a barrel.

The cartel, which controls 40 per cent of the world's oil production, said in a statement after a regular meeting in Vienna that whilst economic recovery was under way, "there is still considerable concern about the magnitude and pace of this recovery."
Wilson Pastor-Morris, the Ecuadorean natural resources minister and current president of the oil cartel, said the present quotas, agreed during a meeting in December 2008, had "served [their] purpose well" and "reduced volatility at a critical time for the world economy". The present agreement allows the 11 Opec members subject to quotas to produce 24.85m b/d. In practice, they pump some 26.8m b/d. Iraq, the 12th member of the cartel and not covered by quotas, produces another 2.4m b/d.

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Thu Oct 14th, 2010 at 02:13:30 PM EST
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