OPEC agrees to keep 30 mbpd output limit
June 14, 2012 20:08
VIENNA - OPEC agreed on Thursday to keep its collective oil output limit unchanged for the second half of the year at 30 million barrels a day, an OPEC delegate said.
The Organization of the Petroleum Exporting Countries is actually pumping about 31.6 million barrels daily.
Several OPEC ministers have called on the biggest producer Saudi Arabia to cut back output to support oil prices above $100 a barrel.
Brent crude has fallen from $128 a barrel in March to under $97 now after Riyadh lifted output to 10 million bpd and the economic outlook darkened.