Crude oil slips as OPEC keeps output steady - India Infoline.com

Oil prices slumped as much as 5% in New York after the Organization of Petroleum Exporting Countries (OPEC) left output levels for its members unchanged on concern that higher energy prices would worsen the global recession.

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However, the oil cartel, which controls about a third of the world's oil production, said that it will fully comply with production targets it had agreed upon late last year. OPEC met in Vienna on Sunday to take stock of the situation as crude oil prices continue to trade below US$50 per barrel despite three production cuts. Since September last year, OPEC production cuts have totaled 4.2 million barrels per day (bpd). According to the International Energy Group, an energy adviser, said on Friday that OPEC has shown an 80% compliance with its earlier production cuts.

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