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OPEC to Keep Current Oil Output, Says President
The Organization of Petroleum Exporting Countries (OPEC) will keep the current oil output and it may increase production by January if the economy of the United States, the world's biggest oil consumer, begins to recover, visiting OPEC President Chakib Khelil said here Wednesday.
Khelil, who is also Algerian energy and mines minister, made these remarks after signing an energy cooperation agreement with Spanish Second Deputy Prime Minister and Economic Minister Rodrigo Rato Figaredo.
He said the upcoming OPEC ministerial meeting, which will be held in late September, will analyze the overall oil production trend in the world, but it is unlikely to make a decision on the oil output.
Khelil was satisfied with the international oil price ranging from 24 to 25 U.S. dollars per barrel after a series of cuts in oil output by OPEC, which he said were aimed at stabilizing the oil price.
Since February, OPEC has cut its crude output two times, representing a total reduction of 2.5 million barrels per day. The current maximum limit of oil production set by the oil cartel to its members is 24.2 million barrels per day.
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