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Summary
OPEC oil producers have agreed note to change their production quotas in the wake of surging oil prices. A meeting held in Vienna reviewed oil prices and production quotas of the member countries. Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, the conference once again agreed to leave current production levels unchanged for the time being, a statement by OPEC stated. After the OPEC meeting, its spokesman Omer Irahim said that OPEC showed concern on falling economic conditions and slow demand for energy. He maintained that the situation was improving however its recovering speed was slow.
