OPEC decides to leave output unchanged as prices wane

At its recent meeting, OPEC has decided to leave its oil production ceiling unchanged at 29.67 mln oil barrels. President George W. Bush had recently urged OPEC to hike output to help bring down high oil prices that stunt economic growth and fuel inflation. This decision ignores US demands for output hike, as OPEC looks to support crude prices that are dipping on fears of an economic slowdown. Crude futures closed at US$91.75 a barrel in New York.
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