OPEC Meeting Ends Without Output Freeze Deal

OPEC Meeting Ends Without Output Freeze Deal
Khalid Al- Falih, right, Minister of Energy. Industry and Mineral Resources of Saudi Arabia speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, June 2, 2016. (AP Photo/Ronald Zak)

The Organization of Petroleum Exporting Countries (OPEC) will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling during a meeting in Vienna, Boston Globe reported. OPEC needs more time to come up with a new output new ceiling, outgoing Secretary-General Abdalla El-Badri said, adding that it’s hard to find a target when Iranian production is rising and significant Libyan volumes are halted.

Saudi Arabia, had previously discussed restoring a production target scrapped in December, according to delegates familiar with the matter.

While Saudi Arabia had shown willingness to mend divisions with cash-strapped members demanding a new group ceiling, Iran said it would only support individual country quotas that would be difficult to agree in a single meeting, Fuelfix wrote. However, Iran has rejected any cap on production as it restores output following the removal of sanctions in January.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password