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Opec agrees to maintain oil output: delegates

[VIENNA] The Organization of the Petroleum Exporting Countries (Opec) agreed on Friday to maintain its oil output ceiling, three delegates said, sticking with its plan to tolerate lower prices in the interest of defending market share.

The group, which shocked markets last November by resisting calls to cut production in the face of tumbling oil prices, had been widely expected to roll over its production for the coming months after Brent crude rebounded by more than US$20 a barrel from January lows and as global demand accelerated.

REUTERS