Following a meeting of the cartel in Vienna, OPEC president and Nigerian oil minister Emmanuel Ibe Kachikwu said a reduction "is not going to make much of an impact in the market".
Going into the meeting, OPEC -- whose members together pump out more than one third of world oil -- has consistently struggled to keep production at a target of 30 million barrels per day.
The cartel is currently pumping out around 32 million barrels daily -- a figure that is set to rise in coming months as Iran looks to pump out more crude and after Indonesia's return to the organization was confirmed Friday.
The cartel meanwhile published no figures on output in Friday's final communique.
"We cannot put a number now because Iran is coming, we don't know when Iran will come, and we will have to accommodate Iran one way or the other," said OPEC Secretary General Abdullah el-Badri.
"We decided to postpone this decision to the next OPEC meeting (in June) until the picture will be more clearer for us to decide on a number," he added.
Iran on Thursday said it would not bow to pressure for it to avoid increasing its production following the lifting of sanctions that had been imposed due to its disputed nuclear programme.
This despite slowing growth in global oil demand, largely because of weaker economic output in China, the world's biggest consumer of energy.
For more visit AFP
No comments:
Post a Comment