OPEC officially announced maintaining production at the current level

OPEC officially announced maintaining production at the current level

Moscow. December 4. The organization of countries-exporters of oil (OPEC) decided to maintain oil production at current actual level, said the Minister of oil of Nigeria Emmanuel IBE Cacique during a live broadcast from the summit of the cartel in Vienna.

Secretary General of the organization Abdalla El-Badri said that the cartel have postponed a decision about the new level of quota before the next meeting, to be held June 2, 2016 in Vienna.

“We can’t give numbers (quotas). We don’t know when Iran will hit the market. Inside OPEC production changes from time to time. We decided to postpone this decision until the next meeting … We have reviewed the demand, supply, economic situation and decided that the situation is now unclear,” he said.

Since December 2011 the official quota for OPEC production is 30 million b/d, but actual production of the cartel in the last fifteen years exceeds this benchmark. In October the cartel was extracted, according to various estimates, 31,3-to 31.7 million b/d.

Previously the Agency Bloomberg with reference to a delegate of the summit, familiar with the decision said that at the OPEC meeting on Friday set new production quotas at the level of 31.5 million barrels per day. Thus, according to him, the new level of quota does not account for prey that have entered into OPEC Indonesia (produces about 800 thousand b/d).