OPEC To Maintain Daily Output Ceiling : Oil Min.

Tehran, June 2, IRNA – Iran's Oil Minister Rostam Qasemi said the Organization of Petroleum Exporting Countries (OPEC) has set to maintain the present output ceiling of 30 million barrels per day (pbd). Qasemi said the OPEC oil ministers discussed the issue behind closed doors during the 163rd (Ordinary) OPEC Meeting on May 31 in Vienna, Austria. Describing the Friday OPEC meeting as fruitful, the Iranian oil minister said the member countries shared common views. The organization is due to meet again in Vienna on December 4. OPEC is a Vienna-based intergovernmental organization of 12 oil-producing countries including Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC accounts for roughly 40 percent of the world’s oil supply./end