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OPEC keeps status quo after failing to agree on output cap

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OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling. Crude extended its decline in London.


The meeting didn’t produce a supply accord but did reach consensus on appointing Nigeria’s candidate as new secretary-general, Sudirman Said, Indonesia’s energy minister, said in Vienna. The Organization of Petroleum Exporting Countries’ de facto leader, Saudi Arabia, had previously discussed restoring a production target scrapped in December, according to delegates familiar with the matter.


http://fuelfix.com/blog/2016/06/02/opec-keeps-status-quo-after-failing-to-agree-on-output-cap/


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