Jun 14 2012
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OPEC Seeks to Tighten Output Reporting Amid Oversupply - Sources
Thursday, Jun 14, 2012
VIENNA--The The Organization of Petroleum Exporting Countries is seeking to tighten its members' reporting in the wake of oversupply worries, delegates with the group said Thursday.
OPEC on Thursday agreed to maintain its existing oil-production ceiling but also pledged to rein in overproduction after some members complained that a glut of oil could lead to a price crash.
"They are setting up some sort of committee to monitor output," one delegate said. The group is currently producing 1.6 million barrels a day above its ceiling.
The matter was discussed at OPEC's ministerial monitoring subcommittee Tuesday, the delegate said.
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(END) Dow Jones Newswires
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