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12 June 2012

Opec ministers to meet this week

Opec ministers are scheduled to meet on Thursday in Vienna to review group's oil output levels against the backdrop of a weak global economy, fragile demand and oversupply, AFP has reported. At their last meeting in December, Opec members agreed to hold actual output at 30 million barrels per day, citing an uncertain demand outlook. Energy consultancy, Inenco said that Opec is expected to maintain the status quo because a low oil price was needed to boost growth. "Although oil prices have dropped below $100 per barrel recently on economic concerns, there seems little sign of any production fall," Inenco analyst Gary Hornby said.