OPEC agreed to maintain current production quotas,

concerned that a fourth cut since September risked

increasing energy costs during the worst global economy in six decades.

The Organization of Petroleum Exporting Countries,

supplier of about 40 percent of the world’s crude

oil, will aim to complete existing production cutbacks

agreed to late last year and meet again on May 28 to

review policy, Secretary-General Abdalla el-Badri

said after yesterday’s meeting in Vienna.

OPEC members still need to trim about 800,000 barrels

a day to comply with the record output reductions decided

in December after oil slumped more than $100 a barrel

from July’s record. Global inventories have started to

fall, indicating the policy is working. A new cut

threatened a price increase that could harm the economy,

Saudi Arabian Oil Minister Ali al-Naimi said.

Oil futures fell after the OPEC meeting, dropping as

much as $2.40 a barrel, or 5.2 percent, to $43.85 a

barrel in New York. Prior to OPEC’s decision, oil

prices had gained 3.7 percent this year.