OPEC opts to hold oil production quota levels steady

06/23/2003
Ministers of the Organization of the Petroleum Exporting Countries decided June 11 to maintain current oil production quota levels at 25.4 million b/d, but said they will hold another extraordinary meeting on July 31 to reassess the situation."Having reviewed the current oil market situation as well as supply-demand prospects for the second half of the year, the conference noted that stability had been maintained in the market following the decision taken by the conference in AprilUto reduce actual oil production to 25.4 million b/d, with prices remaining within agreed levels," ministers said in a statement.Despite the fact that the market remains "well-supplied," ministers noted that...
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