OIL PRICES rose on Wednesday in reaction to OPEC’s decision to recommend that members stick with the production quota of September 2007, which was 28.8 million barrels a day.
The world production has been exceeded by more than 520,000 barrels a day for the last few months to help control the price speculation that took oil prices for new record highs since the beginning of 2008.
Following a two-day meeting in Vienna on Tuesday and Wednesday, OPEC president Chakib Khelil, who is the minister of Energy & Mines for Algeria, said that after reviewing current oil market conditions and future prospects, the actions taken by OPEC member countries had ensured that the oil market is well supplied.
This, he added, has enabled reserves to be built up to comfortable levels in terms of forward demand cover.
For more information, please visit www.opec.org The website is in English.
