OPEC agreed to keep oil production quotas unchanged

Monday, October 12, 2009

OPEC agreed to keep oil production quotas unchanged and will meet again on May 28 to review targets, ministers said after today’s meeting in Vienna.

“We decided to leave this unchanged and now it is time to fully adhere to the cuts we agreed upon” said Qatari Oil Minister.

The Organization of Petroleum Exporting Countries met in Vienna today to discuss possible action to revive prices that remain $100 below July’s record even after a record production cut agreed on in December. Oil futures have risen 3.7 percent this year to finish last week at $46.25 a barrel in New York.

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