OPEC keeps oil output unchanged in December meeting

OPEC has kept the present level of oil output from it’s twelve member countries unchanged in it’s December meeting yesterday. Ministers of OPEC member countries decided to keep the accepted quota of 24.84 million barrels per day to stabilise the market.

Members of OPEC, participating in the 155th meeting at the Angolan capital of Luanda have unanimously decided to keep the production targets or quotas for member countries unchanged at the present level.

Crude oil futures slipped toward $73 a barrel after OPEC, as expected, maintained current oil production levels. Of course, that should mean a cut, the cartel really wants members to start complying with their oil output quotas.

The Oil Ministers representing the member countries of the OPEC, while reiterating the importance of adopting a cooperative approach in dealing with the challenges facing the oil market of late, have asked the members and non-members to extend co-operation at a time when the world economy is coming out of the worst recession.

Tags:  December, meeting, members, oil, OPEC, output