OPEC decides to maintain output ceiling of 30m bpd: Iran oil minister

The headquarters the Organization of Petroleum Exporting Countries (OPEC), Vienna, Austria

Iran’s oil minister says the Organization of Petroleum Exporting Countries (OPEC) has agreed to maintain the current production ceiling of 30 million barrels per day (bpd).

The agreement was reached by OPEC oil ministers during the 163rd ordinary session of the 12-nation group in the Austrian capital, Vienna, on Friday.

After the conclusion of the OPEC session in Vienna on Friday, Iranian Oil Minister Rostam Qasemi said, “Following the secretary-general’s report and given the job market situation, the decision was made to maintain the current [output] ceiling of 30 million barrels per day.”

He added that the existing oil prices are balanced, adding that a committee has been set up to monitor the prices.

The organization is due to meet again on in Vienna on December 4.

Iran’s Oil Ministry Spokesman Alireza Nikzad-Rahbar said on April 23 that OPEC members are unanimous on an oil price of USD 100 per barrel or higher.

OPEC is a Vienna-based intergovernmental organization of 12 oil-producing countries, which groups Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

OPEC accounts for roughly 40 percent of the world’s oil supply.

By Press TV

 

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