OPEC holds production levels

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OPEC holds production levels

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The Organisation of Petroleum Exporting Countries, OPEC has agreed to hold their countries oil output at current levels of 30 million barrels per day at a meeting on Thursday.

The decision comes amid concerns about oversupply, a weak global economy, uncertain demand and the impact of Western sanctions on Iran. Prices slipped under 97 dollars a barrel.

Analysts said the oil market was essentially in “wait and see” mode.