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OPEC to keep oil quotas unchanged
| Mar 17, 2010 21:06 Moscow Time |
The Organization of Petroleum Exporting Countries will keep the existing oil output quotas unchanged in the next six months. A statement to that effect was made by the head of the Libyan delegation, President of National Oil Corporation Shukri Ganem, following closed-door consultations in Vienna during a regular session of the OPEC. After the market tumble in the middle of 2008 the OPEC members reduced quotas to 24.8 million barrels a day. Along with Iraq the total output by OPEC hit 29.4 million barrels per day last month. Experts say the global demand for oil produced by the OPEC countries will total 28.9 million barrels a day this year.
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