OPEC keeps production unchanged
The OPEC oil-producing cartel left its production quotas unchanged Tuesday, July 3, Iran's Oil Minister Bijan Namdar Zangeneh said after an informal meeting of the cartel.
OPEC ministers were due to meet in a formal session at the group's headquarters at 8:00 p.m. (1800 GMT) Tuesday, a spokesman at OPEC secretariat said.
The gathering of the 11-member cartel, which produces 40 percent of the world's crude, was clouded by speculation over whether Iraq will resume exports after the collapse of a plan to modify UN sanctions against Baghdad.
Qatari Oil Minister Abdullah bin Hamad al Attiyah also confirmed that, as expected, the cartel had agreed to leave its production levels unchanged.
The informal meeting in a hotel usually agrees the group's plans, which are then rubber-stamped at a formal session at Organization of Petroleum Exporting Countries (OPEC) headquarters in Vienna. — (AFP)
© Agence France Presse
© 2001 Mena Report (www.menareport.com)