Organization of Petroleum Exporting Countries (OPEC) Maintain Its Production Level Of 30 Million Barrels Per Day

Organization of Petroleum Exporting Countries (OPEC) Maintain Its Production Level Of 30 Million Barrels Per Day

 

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Minister of Petroleum Resources, Mrs. Diezani Alison Madueke

Despite the rapid decline in oil prices in recent times and speculations of ample supplies in the global market, the Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its production level of 30 million barrels per day.

Nigeria's Minister of Petroleum Diezani Allison-Madueke speaks at a media briefing on a new gas price regime in the capital of Abuja

Minister of Petroleum Resources, Mrs. Diezani Alison Madueke

Members of the consensus making body at its 166th meeting in Vienna, cited factor other than oil market fundamentals as responsible. It however, stressed that its decision is based on restoring equilibrium at a level which will not affect global economic growth and where producers can receive a decent income to invest to meet future demand.

Energy Correspondent, Hauwa Salihu- Adama reports from Vienna that Nigeria’s Head of delegation and Minister of Petroleum Resources, Mrs. Diezani Alison Madueke was unanimously elected as the President of the Conference from January 2015

 

 

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