VIENNA: The Organization of the Petroleum Exporting Countries has decided against cutting its oil output to lift prices, its president and Nigerian oil minister Emmanuel Ibe Kachikwu said following a meeting here Friday.
OPEC, whose members together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day.
"Given the present position of the economy of countries that are purchasing (oil) and the worldwide economy, we will retain production at current levels," said Kachikwu, who is minister of state for petroleum resources in Nigeria.
OPEC is currently pumping out around 32 million barrels of oil per day.
The cartel on Friday published no figures on output in its communique, as it awaits increased output from Iran after sanctions were lifted on the Islamic republic.
Comments
Comments are closed for this article.