OPEC keeps oil target at 30M barrels - June 09, 2013

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2013

Vol. 18, No. 23

Week of June 09, 2013

OPEC keeps oil target at 30M barrels

OPEC oil ministers have decided to keep the organization’s output target at 30 million barrels a day.

The decision of the 12-nation oil cartel was expected. The price for internationally traded benchmark oil is over $100 barrels a day, which is a level most OPEC countries are happy with.

The ministers also discussed more complex issues May 31. They included surging shale oil production in the U.S. that could weaken OPEC’s role as the world’s petroleum powerhouse and a potentially destabilizing spat between members Saudi Arabia and Iran over leadership of the organization.

—Associated Press

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