OPEC leaves crude output targets unchanged
The Associated Press, Vienna | Thu, 09/10/2009 7:00 AM
OPEC has decided to leave its crude output targets unchanged because global crude markets are "oversupplied" and there are lingering worries about economic recovery.
The 12-nation Organization of Petroleum Exporting Countries says "market fundamentals have remained weak" - even though oil has rebounded to around $70 a barrel in recent weeks after wild swings over the past 14 months.
Oil ministers meeting in Vienna decided Thursday that the time wasn't ripe to cut the current output target of just under 25 million barrels a day.
OPEC spokesman Omar Ibrahim told reporters: "While there are signs that economic recovery is under way, there remains great concern about the magnitude and pace of this recovery."
