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OPEC keeps oil output target for 2013

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OPEC ministers meeting in Vienna Friday reached an expected agreement to maintain the group’s current crude production limits, leaving their combined output ceiling at 30 million barrels per day, media reported. Members of the Organization of the Petroleum Exporting Countries will monitor global markets to ensure oil supplies are sufficient, though it’s not the cartel’s job alone, the Libyan oil minister said. Abdul-Bari al-Aroussi told the opening session that fluctuations in the reference basket for crude oil, which declined 5.7% in April before settling at around $100 per barrel, was a reflection of uncertainty in the global economy. Ministers had widely signaled their happiness with current production limits in the run-up to the talks, and their formal meeting took less than two hours to agree the rollover, which means the ceiling has remained unchanged since coming into force in January 2012. The group has agreed to meet next on December 4 in Vienna to review production levels.

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