OPEC to keep present output

OPEC oil ministers will also seek to end overproduction by some members.

By
March 16, 2009 10:19

 
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OPEC oil ministers say they will stick to present output levels but seek to end overproduction by some members. The decision Sunday means there will be no cutbacks from production levels established in December. It also translates into pressure on members of the 12-nation producer group who are exporting more oil than their quotas call for. The 11 members under production quotas are overshooting their joint daily target level of just under 25 million barrels by about 800,000 barrels a day.

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