OPEC KEEPS OIL PRODUCTION LEVEL

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By admin October 14, 2010 20:29

OPEC KEEPS OIL PRODUCTION LEVEL

OPEC will keep oil production levels steady while the outlook for prices remains uncertain, Wilson Pastor-Morris, president of OPEC, indicated to the media.

“Yes, there is a consensus between members,” he said. “We are happy with current prices … (and are) not worried about oil rising above 80 dollars a barrel.”

The official output quota is currently set at 24.84 million barrels a day but as the price of a barrel of oil has soared follwing the global financial crisis, some OPEC members have been producing above their set quotas to boost revenues.

Saudi Arabia is content for crude oil to stay at average 2010 levels of $70-80 dollars but Algeria and Libya have indicated they would like this to rise to $90-100 dollars a barrel. On Wednesday crude was trading above $84 dollars in London.

admin
By admin October 14, 2010 20:29
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