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No output ceiling set by OPEC with oil producers reluctant to cut supply

Xinhua, December 5, 2015 Adjust font size:

OPEC on Friday did not set a new oil output ceiling, with major oil producers reluctant to cut the supply.

Though OPEC maintained its production target of 30 million barrels per day, the actual oil output of the cartel has been exceeding 31.5 million barrels per day in the past months. Consequently, global oil prices have been falling, hitting a six-year low recently.

The Secretary General of OPEC Abdallah Salem el-Badri said it's hard to say how much oil Tehran would add to the market in 2016, as sanctions against Iran are lifted under the deal it agreed with world major states over its nuclear plan.

OPEC added the output ceiling would be discussed in its next meeting in 2016.

Ahead of the meeting, Iranian Oil Minister Bijan Namdar Zanganeh said Iran could increase its crude output from half a million barrels per day to 1 million barrels per day once the international sanctions are lifted without any foreign investment. Enditem