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OPEC leaves quotas intact

Dec. 12, 2012 at 3:46 PM

VIENNA, Dec. 12 (UPI) -- Oil ministers in Vienna said said the Organization of Petroleum Exporting Countries would keep their production quota intact, citing economic uncertainties.

"Given demand uncertainties, the (OPEC) conference decided to maintain the current production level of 30 million barrels per day," OPEC said.

The oil cartel said that price volatility in 2012 was influenced by more than supply and demand. "Ministers noted that the price volatility witnessed throughout 2012 remained mostly a reflection of increased levels of speculation in the commodities markets, exacerbated by geopolitical tensions and latterly, exceptional weather conditions."

The conference of ministers also "observed the mounting pessimism over the global economic outlook," naming the sovereign debt crisis in the eurozone, high unemployment in advanced economies and "inflation risk in the emerging economies."

OPEC also said demand is expected to rise "slightly" in 2013, but that increased production from other nations would make up the difference.

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