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Publish date12 Dec 2012 - 9:24
Story Code : 118051

Some OPEC members have violated output ceiling agreement, Iran says

Iranian Oil Minister Rostam Qasemi says some members of the Organization of Petroleum Exporting Countries (OPEC) have violated an agreed official production level of 30 million barrels per day (bpd).
Some OPEC members have violated output ceiling agreement, Iran says

“Supply is greater than demand in the market, therefore, at Wednesday’s meeting, OPEC ministers should reach an agreement to reduce” their output quotas, Qasemi told reporters upon his arrival in the Austrian capital Vienna on Tuesday, IRNA reported.

In a report published on Tuesday, OPEC said its 12 member states had produced 30.78 million bpd in November.

The OPEC Reference Basket (ORB) has been over 100 dollars a barrel for the past two years, which is a record for the group’s history.

During the 162nd ordinary OPEC session, which will be held in Vienna on Wednesday, the group’s ministers will also decide whether Secretary General Abdullah al-Badry should still hold the post after five years.

OPEC is a permanent intergovernmental organization. The 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. /SR
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