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MENAFN - Khaleej Times - 12/06/2014
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(MENAFN - Khaleej Times) The organisation of petroleum exporting countries or opec has agreed to maintain its oil production ceiling at 30 million barrels per day venezuelan energy minister rafael ramirez said on wednesday after the group met in vienna.

asked whether ministers had decided to leave the output target unchanged ramirez replied: “yes i confirm.”

saudi arabia the group’s most influential player and biggest producer added that it was “very happy” with the state of the global oil market .

“how many times did i already tell you? i am very happy with the market” ali al naimi saudi arabia’s oil minister told reporters upon his exit from the gathering at the opec’s vienna headquarters.

the opec which accounts for one-third of the world’s oil has held its daily production ceiling at 30 million barrels since december 2011.

in the run-up to the ministerial gathering more than half of the opec’s dozen member nations indicated that there would likely be a rollover of the collective output target.

ramirez indicated earlier on tuesday that the cartel had reached a consensus for no change before formally agreeing to the decision.

al naimi had already expressed satisfaction with the state of the oil market stressing that it was stable and balanced.

“everything is in good order supply is good demand is good price is good” he said on tuesday.

brent north sea crude for delivery in july rose 45¢ to stand at 109.97 a barrel in london midday deals. us main contract west texas intermediate for july gained 16¢ to 104.51.


Khaleej Times

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