Thursday, December 24, 2009

Oil drops as OPEC keeps quotas steady

The price of crude oil has declined after the Organization of Petroleum Exporting Countries (OPEC) decided to keep production quotas unchanged.

In its ministerial meeting in Angola's capital Luanda on Tuesday, OPEC officially agreed to keep its production quotas steady.

It also called on members to improve their compliance with production cuts which they had agreed upon last year.

Some market analysts believe OPEC may need to get closer to output targets if it wants to keep prices above $70 a barrel going into 2010.
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