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OPEC output ceiling unchanged

By ANDREW E. KRAMER

 |  New York Times  

  June 15, 2012

The Organization of Petroleum Exporting Countries left unchanged a ceiling for oil production by its members at a meeting in Vienna on Thursday, despite signs of a slowdown in the global economy and slumping oil prices. Saudi Arabia came to the meeting ready to raise output to stave off the risk of higher oil prices tipping vulnerable economies into recession. The so-called OPEC hawks, Iran and Venezuela, had wanted to lower production to prop up prices.

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