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Article: OPEC set to hold steady, looks to economy.
- Article from:
- Times of Oman (Muscat, Oman)
- Article date:
- September 11, 2009
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Byline: Reuters
VIENNA: OPEC was set to keep output targets steady at a meeting late on Wednesday after top exporter Saudi Arabia looked to economic strength to bolster the oil price and dismissed bulging inventories.
International benchmark U.S. crude climbed above $72 a barrel on Wednesday, close to this year s high of $75 hit at the end of August. Saudi Arabia, which has led calls to maintain the Organization of the Petroleum Exporting Countries agreed curbs, said a fundamental shift in the oil market meant big stockpiles were irrelevant.
"You guys must realize that there is a fundamental change in the market. Economic growth is the name of ...