Opec fails to agree new oil production ceiling
[VIENNA] Opec failed to agree a new oil production ceiling at a meeting Thursday, its secretary general said, meaning the cartel's crude will continue to flow without formal constraints.
"To come up with a number is very difficult to do," Opec secretary general Abdalla El-Badri said in Vienna.
"But at this time now the number that we are producing is reasonable to the market, the market is accepting it, prices are moving," he told a news conference.
The Organization of the Petroleum Exporting Countries, which pumps around a third of the world's oil, abandoned in December its output target of 30 million barrels per day (bpd).
This target was in any case widely flouted, with total production by the 13-nation group around 32 million bpd.
Iran, returning to the oil market after the lifting of sanctions, was opposed to a new target, preferring instead to impose quotas on individual Opec members.
AFP
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil rises as dollar slips, focus shifts to economic data
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?
Oil futures fall as fears of a wider Middle East war fade
Malaysia’s Sapura Energy to sell stake in SapuraOMV to TotalEnergies for US$705 million