OPEC member-states ministers agreed to preserve production rate

OPEC member-states Oil Ministers have agreed to preserve oil production rate at 30 million barrels a day and leave Abdulla Salem El-Badri on the position of General Secretary OPEC til the end of next year, Rafael Ramires, Oil Minister of Venezuela, told journalists yesterday after the OPEC session.

The next OPEC session is scheduled for June 2014, Ramires said.

He also said that OPEC member-states will be forced to change oil production rate, if Iran’s oil returns to the world market after lifting of the international sanctions against the country.

 “When Iran restores export volume after the sanctions, we will have to change the production rate,” Ramires said.—0—

 

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