OPEC caps oil output 30m barrel a day

OPEC today decided to leave its output at the current level of 30 million barrels a day for the first half of 2012. This is set to include Libyan and […]

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By Vicky Ellis

OPEC today decided to leave its output at the current level of 30 million barrels a day for the first half of 2012. This is set to include Libyan and Iraqi oil supplies.

At its 160th Conference in Vienna, Austria, the oil group agreed the ceiling will apply until June.

Dr Hasan M Qabazard, OPEC’s head of research said there had been “little disagreement” over data and projections at the short meet, suggesting members were keen to show a united front to avoid sending “jitters” out to the market.

Dr Qabazard said: “With the world economy in a critical stage, we don’t want to send signals to adversely affect the economy in general.”