OPEC maintains its production target and crude oil is going nowhere

The 12-member oil cartel OPEC will leave its production target unchanged at 30 million barrels per day.

According to Bloomberg, a delegate who wished to remain anonymous confirmed the report that markets were already expecting.

OPEC is holding its June meeting in Vienna on Friday.

Following this news, crude oil prices were little changed with West Texas Intermediate crude trading right around $US57.90 a barrel and Brent crude oil, the international benchmark, trading near $US62. 

Crude oil prices slumped on Thursday ahead of the meeting. West Texas Intermediate crude and Brent crude – the US and international benchmarks — fell more than 2%.

This is not a surprise to markets, as OPEC has already overshot its output levels for several months to maintain market share.

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