The Organization of Petroleum Exporting Countries said Thursday it supports the democratically elected president of Ecuador.
The Organization of Petroleum Exporting Countries said Thursday it supports the democratically elected president of Ecuador .

OPEC also said Iran will take presidency of the cartel next year.

Earlier Thursday OPEC decided again to keep its production policy unchanged.

Meeting for the first time since March, OPEC ministers decided to keep their production quotas at the same level they have been since December 2008.

The move follows similar decisions by OPEC in 2009 and in March 2010 to keep the quota system unchanged.

The cartel's decision, widely expected, comes as oil producers continue to enjoy strong and consistent oil prices. At the same time, the decision came flagged with concern about the uncertainty over the health of economic recovery and the weak U.S. dollar, which is undercutting the purchasing power of many OPEC states.

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