OPEC Skips Output Limit, Finds Unity in Oil Price Optimism
- Oil dips as members decide against setting new output ceiling
- Nigeria’s Mohammed Barkindo is appointed as secretary-general
Nigeria’s Mohammed Barkindo Named OPEC Secretary General
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OPEC will stick to its policy of unfettered production after members rejected a proposal to adopt a new output ceiling, but ministers were united in their optimism that global oil markets are improving.
While crude prices dipped briefly after Thursday’s meeting, there was little of the rancor that punctuated last December’s gathering. The more harmonious atmosphere meant the group was able to appoint a new secretary-general -- Nigeria’s Mohammed Barkindo -- something it hadn’t been able to agree on since 2012.
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OPEC Skips Output Limit, Finds Unity in Oil Price Optimism