OPEC’s meeting end without any agreement to cut oil output

Market news

7 December 2015

OPEC’s meeting end without any agreement to cut oil output

The Organization of the Petroleum Exporting Countries' (OPEC) on Friday ended without any agreement to cut oil output. OPEC President Emmanuel Ibe Kachikwu, Nigeria's Minister of State for Petroleum Resources, said on Friday that the OPEC decided to keep its output limit unchanged and to monitor closely market developments in the coming months.

OPEC Secretary-General Abdalla El-Badri said on Friday that the OPEC postponed its decision until the next OPEC meeting, which is scheduled to be on June 02, 2016.

OPEC's oil output is about 31.5 million barrels a day.

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