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OPEC decides against cutting oil output

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The Organization of the Petroleum Exporting Countries has decided against cutting its oil output to lift prices, its president and Nigerian oil minister Emmanuel Ibe Kachikwu said following a meeting here Friday.

OPEC, whose members from the Middle East, Africa and Latin America together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day.

The Organization of the Petroleum Exporting Countries has decided against cutting its oil output to lift prices, its president and Nigerian oil minister Emmanuel Ibe Kachikwu said following a meeting here Friday.

OPEC, whose members from the Middle East, Africa and Latin America together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day.

AFP
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