OPEC decides on new crude production level of 30mn bpd

OPEC_crudeOPEC ministers agreed to a new crude production ceiling of 30mn bpd that covers all 12 members, including Libya and Iraq.OPEC ministers agreed to a new crude production ceiling of 30mn bpd that covers all 12 members, including Libya and Iraq.

In a communique, OPEC said: "The Conference decided to maintain the current production level of 30mn bpd, including production from Libya, now and in the future."

This will be the first new output agreement in over three years. OPEC did not discuss individual national quotas.

Iraq's return

The inclusion of Iraq in the ceiling beats Baghdad's own timetable of 2014 for returning to the quota system and marks the country's return as a major oil producer.

Space for Libya

OPEC members would reduce supply to make space for Libya, whose output is recovering after falling to almost zero during this year's uprising against the regime of Muammar Gaddafi.

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