The ministers of oil in the Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday during their 165th ministerial meeting, to keep current OPEC production ceiling, at 30 million barrels per day, unchanged.
OPEC members' decision came in conclusion of their one-day ordinary conference, which was held here at OPEC's General Secretariat headquarters and chaired by Omar Ali ElShakmak, acting Minister of Oil and Gas and President of the OPEC Conference, and OPEC Secretary General Abdalla Salem El-Badri.
During the meeting, OPEC's members reviewed recent oil market developments and world economic growth, as presented by the Secretary General, particularly supply and demand projections for the second half of the year, as well as the outlook for 2015, OPEC said in a press statement.
They also noted that the relative steadiness of prices during 2014 to date is an indication that the market is adequately supplied, with the periodic price fluctuations being a reflection of geopolitical tensions than a response to fundamentals, added the statement.
However, they noted that since world economic growth was projected to reach 3.4 percent in 2014, up from 2.9 percent in 2013, downside risks to the global economy, both in the Organization for Economic Co-operation and Development (OECD) and non-OECD regions, remain unchecked, said OPEC.
Moreover, world oil demand is expected to rise from 90.0 million barrels per day in 2013 to 91.1 million barrels per day in 2014, they said, adding at the same time that non-OPEC supply is also projected to grow by 1.4 million barrel per day, with OECD stock levels remaining comfortable in terms of days of forward demand cover.
They decided that member states should adhere to the existing production level of 30.0 million barrels per day, OPEC's statement said.
In taking this decision, the 165th meeting unanimously agreed that member countries would take steps to ensure market balance, which is so important to world economic activity, said the statement.
OPEC's member states reiterated their willingness to firmly respond to developments that might jeopardize oil market stability, added the statement.
Furthermore, the ministerial meeting has decided to extend the tenure of El-Badri as Secretary General for a period of six months from 1 January 2015, OPEC said, adding that the meeting has also decided that its next ordinary meeting will convene in Vienna, Austria, on Thursday, 27 November 2014