The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its current output on a bet that a recovering world economy will boost oil prices later this year, oil ministers said Thursday.
The 12-country OPEC cartel will keep its current output target of 24.84 million barrels a day, Ali al-Nuaimi, Saudi Arabia's oil minister, said at an OPEC ministers' meeting held here.
Saudi Arabia accounts for close to a third of OPEC's total production and what it says is usually informal policy for the rest of the bloc.
Thursday's widely expected decision appeared due to optimism that the United States -- the world's largest oil consumer -- is gradually recovering from a severe recession.
Several member countries such as Qatar, Libya and Kuwait, said on the eve of Thursday's meeting in Vienna that they hoped the cartel would keep its output target unchanged.
Since September 2008, OPEC has cut its daily output by 4.2 million barrels in order to prevent a decline in oil prices.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article