Off the wire
• Xinhua world news summary at 1530 GMT, June 2  • Europe needs to make more long-term investments: Eurogroup President  • 15 refugees injured in clashes on Greek island  • Spotlight: Hidden truths of Fukushima nuclear disaster revealed  • Spotlight: Second delay of tax hike in Japan proves futility of Abenomics  • Thunderstorm disrupts flights at Taiwan's Taoyuan airport  • Roundup: Cyprus negotiations to restart on June 8: communities' leaders  • Researchers to investigate rugby's long-term effect on brain health  • Results of French Open's day 12 competitions on Thursday  • Djokovic reaches 8th French Open semifinal (updated)  
You are here: 　 Home

2nd LD: OPEC once again fails to set oil output ceiling

Xinhua, June 2, 2016 Adjust font size:

The Organization of the Petroleum Exporting Countries (OPEC) once again failed to set an oil output quota after a meeting held here on Thursday, an OPEC official has announced.

After a meeting lasting four hours, OPEC oil ministers failed to agree on an output ceiling, and decided to meet again in Vienna on November 30.

Mohammed Sanusi Barkindo from Nigeria was appointed as new secretary general of the organization, who is to take the office from Aug. 1.

According to media reports, Iran wants it oil output ceiling to reach pre-sanction levels while other member states adhered to different quotas, to which Saudi Arabia disagreed.

Saudi Arabia, the leading oil producer in OPEC, will continue its policy of low oil price strategy, analysts said.

OPEC pumps around 32.5 million barrels of oil per day, 2.5 million barrels higher than the ceiling set last summer in Vienna.

"Since its last meeting in December 2015, crude oil prices have risen by more than 80 percent," OPEC said in a press release, "This is testament to the fact that the market is moving through the balancing process," the oil cartel said.

Before the meeting, world oil prices rose to around 50 U.S. dollars per barrel. Enditem