OPEC agrees to be bound by the scheduled production ceiling of 30 million barrels per day

by **Rocky** Sat 01 Jun 2013, 6:55 am

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OPEC agrees to be bound by the scheduled production ceiling of 30 million barrels per day

by Rocky Sat 01 Jun 2013, 6:55 am

OPEC agrees to be bound by the scheduled production ceiling of 30 million barrels per day

01/06/2013 - 09:47 | Source:

Economy and Business

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Author: Hussein gesture

Alsumaria News / Baghdad
OPEC agreed on Saturday on the commitment of scheduled production ceiling of the Organization of 30 million barrels per day, pointing to the willingness of members to respond quickly to developments that may put the stability of the oil market is in danger.

The organization said in a statement after a meeting of its members in Vienna and received "Alsumaria News," a copy of it, that "the OIC Member States will stick again planned production ceiling of 30 million barrels per day until the end of the year."

The statement added that "the agreement was to ensure market balance and reasonable price levels for producers and consumers, which ranged over the past weeks up to $ 100," he said, referring to the "willingness of members to respond quickly to developments that may put the stability of the oil market is in danger."

The Conference decided that its next ordinary meeting will be held in Vienna, Austria, on Wednesday, December 4, 2013.

It consists of OPEC basket of 12 crude, a mixture Sahara Algerian ore جيراسول Angolan and Iranian crude and heavy Basra Light Iraqi export Kuwaiti Sidr Libya and Bonny Light Nigerian maritime country and Arab Light Saudi Murban UAE and Mary Venezuelan Oriente of Ecuador.

The Organization of Petroleum Exporting Countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait and Venezuela, and is headquartered in Vienna, one of the largest international organizations supervising the organization of the export of oil and determine prices, and its membership includes currently 12 state oil exporter, has a whole between two-thirds and three-quarters of the world's oil reserves.

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