OPEC agrees to hold oil output steady
At its meeting Dec. 14 in Vienna, the Organization of Petroleum Exporting Countries agreed to maintain its current oil production level of 30 million b/d, including production from Libya, “now and in the future.”
In a press release, OPEC members noted that downside risks facing the global economy continue to include the sovereign debt crisis in Europe, persistently high unemployment in advanced economies, and inflation risk in the emerging economies. Planned austerity measures, not only in Europe but also in other advanced economies, are likely to contribute to lower economic growth in 2012, OPEC said.
And although worldwide oil demand is forecast to increase slightly next year, this rise is expected to be partially offset by a projected increase in non-OPEC supply, the organization noted.
OPEC’s next ordinary meeting is scheduled for June 14, 2012.
Marilyn Radler | Senior Editor - Economics
Covers worldwide oil and gas market developments, creates forecasts, and compiles production and reserves statistics for Oil & Gas Journal. She joined OGJ in 1996 as Survey Editor. She holds a BA in Economics from the University of Texas at Austin. A Past President of the Houston chapter of the United States Association for Energy Economics, Marilyn currently serves as a USAEE council member.
