OPEC oil ministers agreed to keep production unchanged. Saudi Arabia has made it clear that it does not want oil prices to fluctuate too much, fearing that it would stunt the fragile recovery of world economic growth. They want to keep prices in the $70 to $80 per barrel range.
The key problem for OPEC is adherence to output quotas. At present, member adherence is about 60%. Oil demand is on the weak side. Edward Meir of MF Global said: "We suspect the ensuing price bias will be to the downside."
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