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OPEC to retain current oil output

06-15-2012 08:46 BJT

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OPEC member states have announced that they will retain their collective output ceiling at 30 million barrels a day. The statement was made in Vienna on Thursday at the organization’s regular ministerial meeting.

Oil prices have dropped from a peak of 128 US dollars per barrel for Brent crude in March to 97 dollars. The fall came in part because of a grim global economic outlook and increased Saudi output in April that set a 30-year high of 10.1 million barrels a day.

Dependent on oil above 100 dollars to balance budgets, price hawks in OPEC countries like Venezuela and Iran worry that crude prices could fall further. Higher Saudi output has lifted world oil inventories rapidly, a deliberate move by Riyadh to counter the possibility that Iranian exports will fall heavily when a European Union embargo on Tehran starts next month.

Iran’s production is already down to a 20-year low as buyers seek alternatives. However, Iran claims that its oil production has not been affected by the impending boycott.

 

Editor:Zhang Rui |Source: CNTV.CN

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