This content is not available in your region

OPEC output stays unchanged

OPEC output stays unchanged
Text size Aa Aa

OPEC members have agreed to leave the amount of oil they pumps unchanged, but some of them expressed concern that certain countries are not complying with quota restrictions.

Saudi Oil Minister Ali al-Naimi said with the price as it is between $70 and $80 a barrel, everyone is happy “consumers, producers and investors.”

But Naimi and other ministers said some producers are pumping too much, building up reserves and pushing down prices.

However, there is little they can do to stop countries like Angola, Nigeria and Iran exceeding their agreed production allocations.

At the meeting Saudi Arabia also said it would consider lowering its production to allow Iraq to fully rejoin OPEC. At the moment Iraq is exempt from the cartel’s output targets.

Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.