Jun 14 2012 |
more articles from
|
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.
Write to Benoit Faucon and Summer Said at benoit.faucon@dowjones.com
(END) Dow Jones Newswires
14-06-12 2212GMT
© Copyright Zawya. All Rights Reserved.
More in Oil & Gas
Oddly Enough
- What's in a name? U.S. starts using Myanmar as well as Burma
- Marijuana waste helps turn pot-eating pigs into tasty pork roast
- Man climbs onto dome of St Peter's to protest Italian politics
- Prague metro plans to launch love train for singles
- Powerball jackpot grows to a record $600 million
- There's More


Post Your Comment