Opec extends oil quotas

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The Independent Online
Geneva - The Organisation of Petroleum Exporting Countries (Opec) agreed yesterday to extend current oil output quotas to the end of the year, Secretary-General Subroto announced. The agreement is designed to achieve a gradual recovery of world oil prices. They are now around dollars 14 per barrel after a 20 per cent drop in 1993 that experts attribute to global recession and earlier excess production. Reuter