AFP - The Organization of Petroleum Exporting Countries has agreed to keep its official oil production target at 24.84 million barrels a day, OPEC president Wilson Pastor-Morris of Ecuador said on Thursday.
OPEC holds a ministerial meeting Wednesday to decide on oil production levels, with markets expecting the cartel to maintain its official quota as a weak global economy hits demand for crude.But the Organization of Petroleum Exporting Countries may decide to trim its actual production, which stands above the agreed ceiling, as OPEC hawks Venezuela and Iran seek to keep oil prices high.The Vienna-based organisation, which supplies a third of the world's crude, has had an output target of 24.84 million barrels per day (mbpd) for three years.
OPEC bolstered forecasts for the amount of crude it will need to provide this year as the economic recovery stokes global fuel consumption. Iraq, its second-largest member, pumped the most oil since 1980.
The Organization of Petroleum Exporting Countries forecast the world will need less of its crude next year, even as global oil demand growth rebounds to its strongest pace since 2010, amid competing supply sources.
OPEC further lowered the forecast demand for its crude in the fourth quarter and 2014, and said its production remained higher than next year’s global requirement despite a plunge in Iraqi and Libyan output.
The outlook could point to a challenging 2014 for the Organization of the Petroleum Exporting Countries. Rising rival output will make it harder for it to keep its own production at high rates without risking a drop in prices below its preferred level of $100 a barrel.
VIENNA — OPEC oil exporters, basking in the market’s equilibrium, agreed to leave output policy unchanged on Friday as oil held around the group’s preferred level of $100 a barrel.
The Organization of the Petroleum Exporting Countries will retain its 30 million barrels per day (bpd) production target for the rest of this year, said Venezuelan Oil Minister Rafael Ramirez, after a swift meeting at OPEC headquarters.
The group is due to gather again on December 4.