OPEC Output-Target Cut Not Agreed Yet, U.A.E. Oil Minister Says - Bloomberg

OPEC Output-Target Cut Not Agreed Yet, U.A.E. Oil Minister Says - Bloomberg:



"OPEC nations have yet to decide to cut their collective oil-production target, the United Arab Emirates’ energy minister said, days after the group’s chief suggested its 12 members may lower the ceiling in 2015.



“It’s not a one-man decision,” Suhail Al Mazrouei told reporters today in Abu Dhabi. “It’s a decision by all the ministers when we meet.”



The Organization of Petroleum Exporting Countries, supplier of about 40 percent of the world’s oil, will review its target of 30 million barrels a day when it meets next on Nov. 27 at its Vienna headquarters. The group may reduce its official daily limit by 500,000 barrels to 29.5 million next year, OPEC Secretary-General Abdalla El-Badri said Sept. 16."



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