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| Version 1 | Version 2 |
|---|---|
| Opec keeps oil output unchanged | Opec keeps oil output unchanged |
| (1 day later) | |
| Oil ministers from the 12 Opec countries meeting in the Austrian capital Vienna have decided to keep oil production at current levels. | Oil ministers from the 12 Opec countries meeting in the Austrian capital Vienna have decided to keep oil production at current levels. |
| Some ministers had pressed for a cut in production, but others were believed to favour enforcing previous cuts before any new measures were considered. | Some ministers had pressed for a cut in production, but others were believed to favour enforcing previous cuts before any new measures were considered. |
| With demand for oil predicted to fall this year, Opec is keen to avoid another decline in the price of oil. | With demand for oil predicted to fall this year, Opec is keen to avoid another decline in the price of oil. |
| Prices have averaged $40 a barrel in 2009 compared with $100 last year. | Prices have averaged $40 a barrel in 2009 compared with $100 last year. |
| According to Opec figures, the 12 member states have so far delivered only around 80% of the 4.2 million barrels per day in cuts that have been agreed since September last year. | According to Opec figures, the 12 member states have so far delivered only around 80% of the 4.2 million barrels per day in cuts that have been agreed since September last year. |
| OPEC MEMBERS Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela | |
| The ministers pledged to comply more strictly with the cuts. | The ministers pledged to comply more strictly with the cuts. |
| Another meeting will be held on 28 May to assess whether further cuts in production will be necessary. | Another meeting will be held on 28 May to assess whether further cuts in production will be necessary. |
| Algeria, Venezuela and Qatar, had said that oil output should be cut further. Oil prices have fallen from a record high of more than $147 a barrel in July and currently trade around $46 as the global downturn has hit demand for oil and oil-based products. | |
| Russia, which vies with Saudi Arabia as the world's largest oil producer, sent Deputy Prime Minister Igor Sechin to Vienna to observe proceedings and said in future it planned to send a permanent observer to Opec. | Russia, which vies with Saudi Arabia as the world's largest oil producer, sent Deputy Prime Minister Igor Sechin to Vienna to observe proceedings and said in future it planned to send a permanent observer to Opec. |
| However, it said it was not inclined to join the organisation. | However, it said it was not inclined to join the organisation. |