Connecting intelligence with intelligence

×
×
Advertisement

Jun 14 2012

UPDATE: OPEC Agrees To Rein In Overproduction -Secretary General

Thursday, Jun 14, 2012

(Adds comment on selection of OPEC secretary general)

By Hassan Hafidh and Nicole Lundeen

VIENNA--OPEC has agreed to adhere to its previously approved oil-production ceiling of 30 million barrels a day, and as such, the group agreed to rein in its combined 1.6 million barrels a day of overproduction, Secretary General Abdalla Salem el-Badri said Thursday after the group's policy meeting.

When asked if members have individual production quotas, Mr. el-Badri said: "Every country knows its number."

He also said the group didn't discuss an oil-price level at which the Organization of Petroleum Exporting Countries would call an emergency meeting if oil prices drop further.

Mr. el-Badri said they discussed the appointment of a candidate to succeed him when he steps down as secretary general at the end of the year.

The organization is still in the process of selecting a new secretary general, he said. "I think the final decision will be taken in December."

Write to Hassan Hafidh at hassan.hafidh@dowjones.com and Nicole Lundeen at nicole.lundeen@dowjones.com

(END) Dow Jones Newswires

14-06-12 1905GMT


© Copyright Zawya. All Rights Reserved.


Be the first to comment

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X