Vienna – 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 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 None-OPEC
oil producers.
OPEC a permanent, 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.
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. (Xinhua/NAN)
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