The Organization of Petroleum Exporting Countries (OPEC) on 4 December 2013 decided to maintain the same oil output at 30 million barrel per day for the year 2014.
The decision was taken at the 164th meeting of OPEC Oil Ministers in Vienna, Austria on 4 December 2013. They have also agreed to meet again on 11 June 2014 to assess the status of oil production target.
The OPEC meeting came in the backdrop of a modest relief in sanctions for Iran, global slowdown in crude oil demand and unrest in Libya. The crude demand has slowed down with open supply lanes, boom in the gas output and Shale gas and oil discoveries. Libya's output has plunged to around 250000 barrels per day from 1.5 million due to the fighting between radical Islamists and the army. Fresh from the nuclear deal, Iran will be looking at boosting its oil output and the exports.
About Organization of Petroleum Exporting Countries (OPEC)
OPEC is an organisation of twelve oil-exporting countries consisting of Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Nigeria, Angola, Venezuela, Libya, Algeria and Ecuador. The organisation has its headquarters in Vienna, Austria. Vienna hosts regular meetings among the oil ministers of its member nations. OPEC supplies nearly 35 percent of world's oil.
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