OPEC to Maintain High Production Quotas

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PEC will maintain oil production near a two-decade high as prices remain above $60 a barrel, Bloomberg reported Wednesday.

Cartel ministers agreed to keep quotas at 28 million barrels a day, Saudi Arabian oil minister Ali al-Naimi told reporters in Vienna, where the group met Wednesday, Bloomberg said.

OPEC will next meet on June 1 to review production figures, Bloomberg reported.

Possible sanctions against Iran and an attack last month against a Saudi Arabian oil refining complex have also raised concern that rising energy costs will hurt the world’s economy, Bloomberg said.

OPEC President Edmund Daukoru, who is also Nigeria’s oil minister, said violence in Nigeria has cut production in the country by 556,000 barrels a day, easing pressure on the group to reduce output, Bloomberg reported.

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