OPEC Keeps Output Target Unchanged, Content With $100 Oil
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OPEC kept its production target unchanged for a third consecutive time, signaling that crude prices at about $100 a barrel are sufficient to buoy members’ revenue as the global economy recovers.
The Organization of Petroleum Exporting Countries, which supplies about 40 percent of the world’s oil, maintained its group ceiling of 30 million barrels a day at a meeting today in Vienna, Venezuelan Oil Minister Rafael Ramirez told reporters after the conference finished. The 12-nation group will next gather on Dec. 4, he said.