OPEC agrees to hold oil output steady

By OGJ editors

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.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected