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OPEC keeps oil output limit on hold

* Some fear price collapse if Saudi doesn't cut back

* Iran, Iraq not happy with price fall (updates throughout)

By Amena Bakr and Peg Mackey

VIENNA, June 14 (Reuters) - OPEC kept oil output limits on hold on Thursday at 30 million barrels a day, powerless to do anything other than hope top producer Saudi Arabia will scale back supplies unilaterally soon to stem a $30 slide in prices.

Several in the Organization of the Petroleum Exporting Countries called on Saudi to cut back to bring supply down to its agreed collective limit to defend $100-a-barrel crude.

"There is at the moment an unjustified rise in the organisation's production," said Algerian Oil Minister Youcef Yousfi said.

Price moderate Riyadh though is keen to prevent high fuel costs hampering a return to stronger economic growth in the West.

Extra Saudi oil is largely responsible for lifting OPEC output to 31.6 million bpd, well in advance of the group's formal target, first set in December.

Oil prices have dropped from a $128 peak for Brent crude in March to $97, in part because the economic outlook has darkened but also because of increased Saudi output that in April set a 30-year high of 10.1 million barrels a day.

Dependent on oil above $100 to balance budgets, price hawks in OPEC worry crude could keep falling.


From: http://in.reuters.com/article/2012/06/14/opec-idINL5E8HE6GW20120614

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