OPEC agrees not to curb production to defend market share
Ahead of the meeting in Vienna, Iran’s Oil Minister Bijan Zangeneh had reported that they are not considering limiting oil production in order to stabilize oil markets in 2016. On the contrary, they were planning to increase their oil output by around 1 million bpd after the expected lifting of international sanctions next year. Saudi Arabia had also reported they would consider a cut only if OPEC members, Iraq and Iran and non-OPEC members agreed to cooperate, adding that they are not feeling obliged to cut output despite a slump in oil prices.
According to a Reuter’s survey, OPEC’s oil production increased to 31.77 million bpd from 31.64 million bpd in October.
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