Members of the Organization of Petroleum Exporting Countries made no formal decision on changing the group’s production quota, but instead concluded the scheduled Dec. 4 meeting in Vienna by saying the group will accommodate the current production level, which is more than 1 million b/d over the 30 million-b/d quota set last year.
Actual current production levels are estimated at 31.2 million b/d. During a news conference in Vienna, oil ministers told reporters that they did not get into specific numbers but are waiting to see what happens with oil prices in coming months. OPEC’s next meeting will be in June 2016.
Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources, said during a news conference in Vienna that OPEC members decided for now not to act on the production ceiling.
Given an ongoing downturn in oil prices, he said OPEC members closely are monitoring oil demand and also monitoring the anticipated return of Iranian oil to world markets.