OPEC decides to keep oil output at record highs
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[January 31, 2006]

OPEC decides to keep oil output at record highs

(Evening Standard (London) (KRT) Via Thomson Dialog NewsEdge) Jan. 31--Oil cartel Opec today agreed unanimously to keep pumping at record levels.

After its members met in Vienna against a backdrop of rising tension over key producer Iran's nuclear programme, Saudi Arabian Oil Minister Ali al-Naimi said all Opec ministers including those of Iran and Venezuela who had been thought likely to propose an output reduction of a million barrels per day, had agreed to keep production at its current level of 28 million barrels per day.



Traders had feared UN pressure on Iran over its nuclear programme will lead to Tehran using oil as a political weapon. US light crude fell 47 cents to $67.88 while Brent was off 50 cents at $66.09.The next Opec meeting is set for 8 March.

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