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The Organization of the Petroleum Exporting Countries decided not to cut production of crude oil during its meeting in Vienna Friday.

Emmanuel Ibe Kachikwu, president of OPEC and minister of state for petroleum resources in Nigeria, said the market's outlook is too cloudy to cut production. With dropping output from non-OPEC countries and Iran coming on to the global oil market soon after international sanctions lift, the cartel felt it was not the right time to make a decision, Kachikwu said.

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