OPEC keeps output quota, pushing up oil prices
2011-06-09 11:21:18
OPEC held its oil output quota at a crucial meeting on Wednesday, in a decision which sent crude prices shooting higher on global markets.
Traders had speculated that the Organisation of Petroleum Exporting Countries (OPEC) would boost production to help revive flagging economic growth and compensate for lost Libyan supplies.
"Unfortunately we are unable to reach a consensus this time to reduce or raise our production," OPEC Secretary General Abdullah El-Badri said after the meeting.
OPEC, which has a dozen member countries, kept its official output target at 24.84 million barrels per day (mbpd), where it has stood since the start of 2009.
"There is enough supply in the market, there is no shortage whatsoever, even in the absence of one country, but ... we are not in crisis at at this time," said El-Badri, refering to the troubles in Libya.
He added: "The reason that we are unable to reach a decision is that everyone has its own data .. some of them have different numbers."
The next meeting will be in mid-December in Vienna to reassess the oil market situation.
"At the end of that period, we can make the appropriate decision but this decision (to maintain output quotas) was unfortunately not welcomed by certain members," El-Badri said.
Following the decision, Brent oil prices shot up $1.62 to $118.40 a barrel in London trade and New York's light sweet crude climbed $1.75 to $100.84.