OPEC maintains production during 1st half 2016

The Organization of Petroleum Exporting Countries decided to maintain its output at 31.5 million barrels per day, group president and Nigerian oil minister Emmanuel Ibe Kachikwu said after the December meeting of OPEC ministers in Vienna. Guided by its biggest producer Saudi Arabia, OPEC has maintained output to force higher-cost producers to reduce their production.

 

OPEC will wait until its next meeting in June 2016 to confirm its output target, said Secretary General Abdalla El-Badri.

 

Iranian Oil Minister Bijan Namdar Zanganeh said after returning from the meeting with his OPEC counterparts: OPEC pumped 31.5 MMbopd in November, and everyone seems to do whatever he wants. I think there will be a decision about how to act on the market in the second quarter of 2016.”

 

Again, OPEC conference emphasized its commitment to ensuring a long-term stable and balanced oil market for both producers and consumers. Also OPEC agreed that member countries should continue to closely monitor developments in the coming months.

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