OPEC holds its output targets unchanged

LUANDA, Angola — OPEC held its year-old output targets unchanged Tuesday, as the group grappled with overproduction by some in its ranks that could undercut efforts to support oil prices amid a fragile global economic recovery.

The Organization of the Petroleum Exporting Countries wrapped up its meeting Tuesday in the Angolan capital by deciding that the best plan of action was not to act. The 12-member bloc highlighted concerns about the strength of the global economic recovery, and again called on oil producers outside the group to cooperate in propping up oil markets.

The lack of action appears meant to avoid shocking an oil market in which crude prices have stayed within range of OPEC's unofficial target of $75 a barrel for months. The relative price consistency has provided OPEC a measure of relief after oil demand and prices collapsed last year amid the world's worst recession in over six decades.

OPEC, explaining its decision to hold output steady, said in its final statement that "it is not yet clear how strong or durable the recovery might be." It stressed, however, that its members were ready to "respond to any developments which might place oil market stability and their interests in jeopardy."

Oil futures edged down to nearly $73 per barrel shortly after OPEC's decision — still within the threshold with which kingpin Saudi Arabia and other members has argued was fair for both producers and consumers.