OPEC Will Keep Oil Production At The Current High Levels

OPEC President Qatar's Minister of Energy and Industry Mohammed Saleh al-Sada (L) and OPEC secretary general Abdullah al-Badri talk to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 5, 2015. Reuters/Heinz-Peter Bader

Reuters: OPEC agrees to keep pumping as oil glut fears persist

Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

Concluding a meeting with no apparent dissent, Saudi Arabian oil minister Ali al-Naimi said OPEC had rolled over its current output ceiling, renewing support for the shock market treatment it doled out late last year when the world's top supplier said it would no longer cut output to keep prices high.

The Organization of the Petroleum Exporting Countries will meet again on Dec. 4, Naimi said.

With oil prices having rebounded by more than a third after hitting a six-year low of $45 a barrel in January, officials meeting in Vienna saw little reason to tinker with a strategy that seems to have resurrected moribund growth in world oil consumption and put a damper on the U.S. shale boom.

More News On OPEC Deciding To Keep Oil Production At The Current High Levels

OPEC ministers make key output decision at Vienna meeting LIVE UPDATES -- RT
OPEC agrees to keep pumping as oil glut fears persist -- Reuters
OPEC, Keeping Quotas Intact, Adjusts to Oil’s New Normal -- NYT
OPEC refuses to cut oil production -- CNN
OPEC Agrees to Keep Output Target at 30 Mln Barrels a Day -- AP
OPEC to Maintain Current Oil Output -- Bloomberg
Opec agrees to keep oil output high in battle for customers -- Financial Times