Jan 28 2012
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'OPEC obliged to ceiling despite Iran oil embargo'
The European Union formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Central Bank of Iran on Monday, but existing contracts will be honored until July 1. Oil Minister Rostam Qasemi has said that the global oil market is in a balanced situation and that members of the OPEC members observe their production quotas, the Shana news agency reported. OPEC members reached consensus on 30 million barrels per day oil production target during the 160th ministerial meeting in Vienna on 14th December, 2011.
All 12 OPEC members collectively produced 30.37 million barrels a day in November 2011, according to OPEC's own monthly report. Excluding Iraq, the 11 nations previously subject to quotas pumped 27.69 million barrels a day, Bloomberg quoted OPEC data as saying. The 12 members of OPEC are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
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