OPEC Maintains Current Production Quota, Extends Tenure of Secretary General
SAN FRANCISCO, June 11, (THEWILL) â€' Members countries of the Organization of the Petroleum Exporting Countries (OPEC) at its meeting in Vienna, Austria, Wednesday agreed to maintain the cartel's current official production quota of 30 million barrels per day despite pressures on global oil production in Iraq and Libya following the crisis there.
The price of crude in the international market has been on the rise because of fears of disruption of supply.
The cartel again also extended to June 2014, the tenure of its current Secretary General, Libya's Abdalla Salem el-Badri, following the inability of member nations to agree on a replacement. Abdalla Salem el-Badri's tenure had earlier been extended to December 2013.
The Nigerian delegation had pushed its Minister of Petroleum, Mrs. Deziani Alison-Madueke, for the Secretary General position. She presently serves as the cartel's alternate President.
The cartel will meet again in November.