- As expected, OPEC has agreed to keep its daily oil production limit at 30M barrels, due to uncertainty about the outlook for supply and demand.
- However, there are factors that could force prices to fall from the relatively stable level of $100 a barrel.
- Iran plans to increase output as quickly as possible if and when international sanctions are lifted. The country produces 2.7M bpd but wants to return to its former level of 4M bpd.
- Meanwhile, U.S. shale supply continues to rise, while new oil from Kurdistan could boost Iraqi exports.
OPEC maintains crude output cap at 30M bpd
Dec 5 2013, 04:33 ET