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Opec leaves production target unchanged

Published: 
Thursday, December 5, 2013

VIENNA—Opec oil ministers have decided to maintain the organisation’s production target at 30 million barrels a day. They have also agreed Wednesday to meet again June 11. If the sanctions on Iran’s oil exports have gone by then, then the June meeting could be focused on attempts to curb overproduction. Oil ministers say they are happy with present prices and that supply and demand are in balance.

 

But Iran’s oil minister said his country will push to produce pre-sanctions levels as soon as possible, even if that drives prices sharply lower. Iraq also wants to increase production, and Libya says it hopes it can boost output once unrest ends.

 

 

AP

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