April 24, 2014
Wednesday, December 4, 2013

OPEC agrees to renew 30 mln bpd oil cap for six months

OPEC agreed today to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said.

The 12-member Organisation of the Petroleum Exporting Countries is enjoying oil prices at $112 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.

Two member countries, Libya and Iran, are producing well below capacity because of civil strife and sanctions respectively, helping support prices
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Tags:  OPEC  oil  agreement  barrels  production  

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