2007 News Story

OPEC leaves production unchanged

The Organization of Petroleum Exporting Countries (OPEC) Conference has decided to maintain its current output of 27.25 million barrels per day because the market is well supplied.  

The OPEC Conference made the decision at a closed-door meeting in Abu Dhabi, United Arab Emirates, yesterday. 

“Having reviewed the oil market outlook, including the overall demand/supply projections for the year 2008, in particular the first and second quarters, the Conference observed that market fundamentals have essentially remained unchanged, with the market continuing to be well supplied and commercial crude/product stocks remaining at comfortable levels in terms of days of forward cover,” OPEC said in a statement released yesterday.
Oil ministers will meet again February 1, 2008 in Vienna to discuss the latest developments in the oil market.