The ministers of the Organization of Petroleum Exporting Countries(OPEC) decided here Thursday to maintain its output level despite crude oil price fell to a four-year low level.
The decision to maintain oil production at the level of 30 million barrels a day agreed upon in December 2011 was made in the interests of restoring market equilibrium on the back of the recent rapid decline in oil prices, Xinhua reported citing the statement.
The organisation has "no target price", OPEC's Secretary-General Abudulla El-Badri told a press conference, referring to his previous aspirations of 100 dollars per barrel.
El-Badri said the 12-member-nation cartel had decided to wait and see how the oil market would further develop, rather than cut production in order to correct the price drop.
OPEC countries account for 40 percent of total global oil production.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app