OPEC, Foreseeing No Glut, Keeps Oil Production Level Steady
New York Times
LONDON — Members of the Organization of the Petroleum Exporting Countries agreed on Wednesday to leave their combined daily quota for petroleum production at 30 million barrels, a decision that was expected to keep prices at their current steady and relatively high levels.
Even though some analysts foresee challenges shaping up for the oil producers next year, OPEC officials, meeting in Vienna, saw no reason to make changes now, given the many uncertainties about the outlook for supply and demand.
“Production will remain at 30 million barrels per day,” the Kuwaiti oil minister, Mustafa Jassim Mohammad al-Shamali, who is presiding over the meeting, said in a television interview on OPEC’s website. “This is very reasonable for producers and consumers,” he said, noting that output wou
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