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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC output ceiling unlikely to be kept

Posted on 14 December 2012

OPEC members agreed to keep a 30mbpd crude oil output ceiling during the 152nd ministerial meeting on Wednesday. The 30mbpd quota was approved in December 2011, whilst the previous quota was 24.8mbpd, but neither last nor current quotas have been kept.
For instance, during the Libya revolution, Saudi Arabia used its spare oil production capacity and the OPEC output increased to above 26mbpd (excepting Iraq), or during this summer 12 members increased oil output altogether to about 32mbpd, when the U.S and EU were preparing to put their oil sanctions on Iran into force………………………………………..Full Article: Source

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