VIENNA (Commodity Online): Oil cartel, Organization of the Petroleum Exporting Countries (OPEC) has decided to keep oil production quota unchanged in its meeting today in Vienna.
At present, the members of OPEC produce 24.845 million barrels per day and decided to keep this unchanged, according to a report citing delegates.
On Monday, Iran's oil Minister Masoud Mirkazemi said it would urge OPEC, not to change oil output target from its current level.
Iran not intended to increase its oil output and the price would remain at around $80 per barrel this year, Mirkazemi was quoted by SHANA news agency.
Mirkazemi said that OPEC members should push for greater compliance with their existing output quotas, citing an oversupply of oil in the world.