OPEC Won't Cut Production to Stop Oil's Slump
- Group effectively has no limit on production, Iran says
- Nigeria minister says OPEC to keep oil output at current level
OPEC Decides, Oil Slides: How Low Can Prices Go?
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OPEC signaled no respite from the global oil glut that has driven prices to a six-year low.
The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, the group’s President Emmanuel Ibe Kachikwu said Friday after a meeting of ministers in Vienna. Members set aside their previous daily output target of 30 million barrels, a ceiling breached for 18 months. OPEC will wait until June to decide on a new limit, Secretary General Abdalla El-Badri said.