OPEC Decided to Maintain Its Oil Production Quota

At the meeting held yesterday in Quito, Ecuador, the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain its oil production quota. As for oil production quota of 24.845 million barrels per day is just for 11 members. That number has never changed since December 2008. This policy is taken with consideration, the global economy has experienced modest recovery that will last with the change of oil prices. However, this thing is still unstable and ain’t obvious yet.

OPEC President Wilson Pastor said the decision was taken after the oil ministers held a closed meeting for 90 minutes. This decision was accepted by all members of OPEC. And it was a very good news tobe heard.

Previously, Saudi Arabian Oil Minister Ali al-Naimi said the world oil supply and demand balanced at this time. Oil prices in the range $ 70 to U.S. $ 80 is good enough. However, he declined comment on yesterday's oil price which is perched on the position of U.S. $ 87.79 per barrel on NYMEX. OPEC is scheduled to hold next meeting in June next year at its headquarters located in Vienna. Notes alone, 12 countries collected in OPEC are: Algeria, Ecuador, Kuwait, Iran, Iraq, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.

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