OPEC holds oil production levels steady

By Phaedra Friend Troy

True to expectations, the Organization of Petroleum Exporting Countries decided in its first meeting in seven months to keep crude oil production levels the same.

The 12-member countries of OPEC agreed to keep supply quotas the same, despite concerns that falling US dollar values may boost the price of crude higher.

In a scheduled meeting held in Vienna, OPEC ministers also adopted a new long-term strategy to help the cartel better weather any future global economic difficulties, price variations and oscillating demand.

After trading in the $70 to $75 a barrel range for months, the price of oil has twice climbed into the $80s over the last few weeks. The first test, saw the price retreat; the second test of the higher price per barrel is currently ongoing.

Crude oil on the New York Mercantile Exchange is trading above the $83 mark on Thursday.

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