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
