Oil prices approached record levels as fears grew of a cut in production by OPEC.Partly in response to such fears,OPEC's ministers agreed in Vienna on 31st January to leave output quotas unchanged at 28 mn bpd (for details of individual country quotas,see GER 'Latest Developments',July 2005).Prices fell on OPEC's decision,but futures prices for the outer months of Brent and WTI remained firm on continuing concerns of tight supplies.Market fears were primarily concentrated on Nigeria and Iran.
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