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OPEC is leaving its production quotas unchanged

OPEC is leaving its production quotas unchanged

OPEC is leaving its production quotas unchanged, opting to take a cautious approach in a market awash in crude and a global economy still in the early stages of recovery.

The 12-nation Organization of Petroleum Exporting Countries early Thursday said “market fundamentals have remained weak,” even though current oil prices at about $71 are roughly double their level since December, when the group announced a record 4.2 million barrel per day cut from September 2008 levels.

“Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, (OPEC) once again agreed to leave current production levels unchanged for the time being,” the statement said.
Associated Press