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Summary OPEC has decided to keep production unchanged, defying market expectations for production increase.
The meeting of oil ministers in Vienna broke up unexpectedly without an agreement to raise production. OPEC’s president said some members wanted three months to consider the issue. Algeria, Angola, Venezuela, Iraq, Iran and Libya refused to consider a production increase, Saudi Oil Minister Ali Naimi said. Saudi Arabia faced stiff resistance from OPEC producers opposed to an increase in oil supplies that help ease crude prices. Under pressure from consumer countries to contain fuel inflation, Saudi Arabia hopes to push the Organisation of Petroleum Exporting Countries to lift its production target by 1.5 million barrels a day at a meeting on Wednesday, Gulf delegates said.
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