OPEC Likely to Leave Output Unchanged

The Organization of Petroleum Exporting Countries (OPEC) is expected to leave output unchanged when it meets in Kuwait on Dec. 12 to decide production policy. President of the 11-member organization, Ahmed Fahed Al-Sabah, who is also Kuwait’s Energy Minister, along with members such as Iran and Nigeria, have repeatedly stated over recent days that they see no need for the group, which is pumping its maximum, to change production levels.

What is undecided however is whether the organization will extend a two million barrel-per-day (bpd) allocation of spare crude, which it offered to the market during its last meeting in September in Vienna.

Arab News