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OPEC holds its first meeting of the year in Vienna.

Since it last met in December, oil prices are sharply lower as producers have increased production, particularly Saudi Arabia which is committed to keeping spare supply on the market as Western nation proceed with embargoes on Iranian oil. The global slowdown has also meant less demand. Brent crude, the international benchmark, has lost 7.4 percent this year so far, and was trading at $99.47 per barrel.