OPEC Keeps Production Limit At 30mln Barrels Daily
SAN FRANCISCO, June 05, (THEWILL) – The Organisation of Petroleum Exporting Countries (OPEC) has said it has decided to maintain its maximum production limit at 30 million barrels of oil a day.
The decision was made at the cartel’s meeting in Vienna on Friday.
The cartel sticks to its strategy of unconstrained oil production which seeks to fight for its market share and curb production from high-cost instead of boosting the oil price by cutting output.
OPEC refused to cut its output in the November meeting.
The cartel signaled it would not cut output alone without a coordinated production reduction with other Non-OPEC oil producers.
OPEC, an international organisation with headquarters in Vienna, Austria, was established in Baghdad on September 1960.
Its mandate is to “coordinate and unify the petroleum policies of its members.”
It also works to ensure the stabilisation of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.
OPEC also maintains a steady income for producers and a fair return on capital for investments in the petroleum industry.