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OPEC to Keep Oil Quotas Unchanged

03-18 14:07 Caijing

It is the fifth consecutive time since last year that OPEC decided to maintain the production quotas at the same level

OPEC oil ministers decided on Wednesday's conference in Vienna to keep their oil output unchanged. This is the fifth consecutive time since last year that OPEC decided to maintain the production quotas at the same level, Xinhua reported.

OPEC said in its bulletin that given the uncertainty in the global economic recovery, as well as the adequate oil supply and the increasing demand from non-oil countries, it decided to maintain the production quotas at the same level. Its members had also made commitment to the targets.

It also said the OPEC Secretariat would continue to closely monitor developments to stabilize oil market.

The president of this conference indicated that the international oil price was still fragile and required all parties, including OPEC and non-OPEC producers as well as consumers to play their role to make it stable.

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