OPEC: Risk Remains, Oil Production Unchanged and a Word About Climate Change
The Organization of Petroleum Exporting Countries will keep its oil production levels unchanged — as expected — in large part to avoid destabilizing a fragile economic recovery. OPEC ministers from its 11 member countries gathered Sept. 9 and 10 for its 154th ordinary meeting in Vienna, Austria. OPEC determined it will maintain output of 24.845 million barrels a day, a level it set last December. But the oil cartel warned it could rapidly respond “to any developments which might jeopardize oil market stability” and member countries’ interests. The group will meet in an extraordinary session Dec. 22 in Luanda, Angola. OPEC will instead turn to compliance, which some of its member countries have failed to meet. “Compliance has not been excellent,” OPEC’s secretary-general Abdalla Salem El-Badri said during…
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