OPEC met today and decided not to change its current production quotas. Rather the group will try to meet its current quotas and then meet again in May.
Bloomberg: Algerian Oil Minister Chakib Khelil, who had argued for another cutback prior to the meeting, said afterwards that all OPEC members will make an “extra effort” to comply with the existing cutbacks. Finishing those cuts will remove about 800,000 barrels a day from the market, he said. Oil prices will not rise a lot from today’s decision, he added.
The crude oil production target for 11 OPEC members bound by quotas is 24.85 million barrels a day, while actual output from those countries averaged 25.715 million barrels a day in February, according to an OPEC report published on March 13.
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