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OPEC members reach consensus on 30 million bpd output ceiling


Source: Islamic Republic News Agency, Vienna

Members of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday agreed on an output ceiling of 30 million barrels per day. IRNA reporter in Vienna said that OPEC agreed output ceiling includes Iraqi production, even though OPEC didn't set any new quotas for individual members Wednesday.

Delegates interviewed by IRNA said the meeting was held successfully and everyone was happy.

They appreciated the Islamic Republic of Iran for successful management of the meeting by encouraging the member states to reach a consensus on a 30 million bpd ceiling.

Iranian Oil Minister warns about instability in oil market

Oil Minister Rostam Qasemi said the great challenge facing the oil market is a great instability affecting world economy.

In his inaugural speech to the 162nd ministerial meeting of OPEC In Vienna, he welcomed the Libyan Oil Minister Abdul Rahman Binyeaza who attended the event for the first time and expressed pleasure with the end of hostilities in the country, an old member of the organization.

Referring to the last OPEC meeting in June 8, 2011, Qasemi added that oil market has witnessed fluctuations since then.

However, the challenge facing the current market is instability affecting the world economy, he said.

Qasemi also said that most of fluctuations originated from developments taking place in member states of the Organization for Economic Cooperation and Development (OECD).

Pointing to the Chinese economic growth, he said the country's economic growth has experienced a slight change. However the developing countries are more worried than others about the real rate of their economic growth.

There is not a bright prospect for oil market in 2012, he said.

The minister also opined that OPEC member states should not shoulder the responsibility of stabilizing oil prices alone, rather all producers including OPEC and non-OPEC member states should play their part in the move.

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