OPEC Maintains Crude-Production Target at Vienna Meeting -- Bloomberg Businessweek
OPEC, content with current oil price levels, agreed to keep the group’s crude output ceiling unchanged at least until June even as Libya, Iran and Iraq plan to increase exports in coming months.
Maintaining the current 30 million barrel-a-day target for the 12-nation Organization of Petroleum Exporting Countries, which supplies about 40 percent of the world’s oil, will ensure stability of oil prices, Venezuela’s Energy Minister Rafael Ramirez said. There will be no need to reduce the cap at the next meeting, Libya’s Oil Minister Abdulbari al-Arusi said.
“The big question is what OPEC will do if output from Libya and Iran returns to the market next year; this topic was not on the agenda today, but will probably be discussed at the next meeting in six months,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt.
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More News On Today's OPEC Meeting
OPEC holds steady on oil despite big changes in energy -- Christian Science Monitor
OPEC shadow boxes ahead of next oil supply curb -- Reuters
Iran, Iraq Warn OPEC of Big Oil Increases -- Voice of America
OPEC Meets With Two Elephants in the Room -- Wall Street Journal
Iran readies for big oil production hike -- Washington Post/AP
OPEC Stands Pat on Oil Production Quotas -- New York Times
OPEC freezes oil output ceiling -- Global Post/AFP
OPEC mindful of North American oil growth -- UPI
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