OPEC Leaves Output Target Unchanged at 30 Million Barrels a Day - Bloomberg

OPEC Leaves Output Target Unchanged at 30 Million Barrels a Day - Bloomberg:



"OPEC, which supplies about 40 percent of the world’s crude, kept its production target unchanged at 30 million barrels a day, a decision that was widely anticipated.



The Organization of Petroleum Exporting Countries reaffirmed the ceiling for a fifth consecutive meeting, Diezani Alison-Madueke, Nigeria’s Petroleum Minister said after the event. The group forecasts demand for its crude of 30.4 million barrels a day in the coming six months, while its 12 members produced 29.6 million barrels a day in April, the organization’s data show.



OPEC nations representing 94 percent of the group’s output said before the meeting that they were at ease with supply and demand in global oil markets. While the formal limit remains unchanged, the burden will fall to Saudi Arabia to increase output to meet higher demand in the second half as political turmoil constrains Libyan output and sanctions curb Iranian exports, according to Barclays Plc, Societe Generale SA and Energy Aspects Ltd."



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