OPEC Agrees to Keep Oil Production Quotas Unchanged

By Grant Smith and Maher Chmaytelli

March 15 (Bloomberg) -- OPEC agreed to keep oil production quotas unchanged, deciding against a further output cut that risked damaging the ailing global economy.

OPEC members still need to trim about 800,000 barrels a day to comply with the record output cuts decided in December after oil slumped more than $100 a barrel from July’s record. Global inventories have started to fall, indicating the policy is working. A new cut risked a price increase that could harm the economy, Saudi Arabian Oil Minster Ali al-Naimi said.

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