OPEC agrees to keep oil production quotas unchanged

14 June 2012 18:33  [Source: ICIS news]

HOUSTON (ICIS)--OPEC oil ministers meeting in Vienna on Thursday agreed to keep oil output at 30m bbl/day for the second half of the year.

The thirteen members of the Organization of Oil Exporting Countries are currently producing 31.6m bbl/day, which means that key producer Saudi Arabia may have to scale back output.

West Texas Intermediate (WTI) for July delivery rose to $83.93/bbl in response to the announcement before retreating. The expiring July ICE Brent contract topped out at $97.80/bbl before pulling back towards $97.10/bbl.

By: Ignacio Sotolongo
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