Good news for investors, but doesn't help the average consumer.
OPEC maintains oil output, hands quotas to Angola, Ecuador
ABU DHABI (AFP) - OPEC -- which supplies about 40 percent of the world's oil -- maintained its output levels at a key ministerial meeting on Wednesday and handed production quotas to new members Angola and Ecuador.
The Organisation of Petroleum Exporting Countries, which comprises 13 nations, added that it would hold an extraordinary meeting on February 1 in Vienna after deciding against an output hike in Abu Dhabi amid sky-high oil prices.
Angola, which joined the cartel on January 1, was handed a quota of 1.9 million barrels of oil per day. Ecuador, which rejoined OPEC last month, was given a daily quota totalling 520,000 barrels.
It was not immediately clear...(complete article here).
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