OPEC expects to keep output quota unchanged

OPEC expects to keep output quota unchanged

The Organization of the Petroleum Exporting Countries (OPEC) is expected to keep the current oil output quota of 30 million barrels per day unchanged, the grouping said Wednesday.

at its 164th meeting in Vienna citing “an increasingly-stable oil market.

The prediction was made due to “an increasingly-stable oil market”, OPEC said at its 164th meeting held in Vienna.

“The OPEC reference basket has remained stable averaging over 105 U.S. dollars per barrel in the past six months,” said Mustafa Jassim Al-Shamali, Deputy Prime Minister and Minister of Oil of Kuwait, and president of the conference said in his opening statement.

Global economic growth in 2014 is projected to increase to 3.5 percent from 2.9 percent in 2013 while world oil demand could rise by one million barrels per day over 2013, he said.

Non-OPEC oil supply, mainly in North America and Brazil, could rise by 1.2 million barrels per day in 2014, he added.

An annual OPEC report released last month predicted less global demand for its crude in the next five years, falling by 1.1 million barrels a day to 29.2 million barrels a day.

Source: Xinhua