OPEC: maintaining production levels
The suspense was lifted on the eve of a meeting of oil cartel in Luanda. Abdallah el-Badri, secretary general of the organization, said Monday the consensus between the different member countries. An increase in OPEC production "is not in the radar" for next year, he also said, saying the current price levels were "very comfortable".
"Stocks (…) are a little high," then said Abdullah el-Badri, adding that the cartel, which is not less than 40% of world production, was to "bring them back to reasonable levels."
It has, finally, stressed the importance of meeting production quotas imposed on member countries. In late 2008, OPEC had agreed to remove the oil market 4.2 million barrels per day (bpd) to stem the collapse in oil prices which had touched $ 30 a barrel.In November, the 11 members bound by quotas (excluding Iraq) pumped 1.6 million bpd more than its official ceiling, according to the International Atomic Energy.