News Sumamry: OPEC keeps output target on hold

Published on NewsOK Modified: December 12, 2012 at 1:53 pm •  Published: December 12, 2012
Advertisement
;

PRODUCTION LEVEL: OPEC ministers agreed to keep their daily crude production target unchanged at a meeting Wednesday. But in a sign of internal rivalry, they failed to reach consensus on a new secretary general.

DEMAND DOWN: OPEC predicts less demand for its oil next year in part because of weak economic growth in consuming countries.

NO CHANGE AT THE TOP: OPEC ministers agreed to keep Abdullah Al-Badry as secretary general for a sixth year, making him one of the longest-serving officials in that post in OPEC history. Saudi Arabia, Iran and Iraq were vying for the top spot.