OPEC maintains oil output ceiling

During the 164th OPEC Conference concluded here, the OPEC has decided to maintain the current production level of 30.0 million barrels a day. In taking this decision in a final communique, OPEC Member Countries re-confirmed their readiness to swiftly respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market. Agreeing on the need to be vigilant, given the uncertainties arising from the enduring weaknesses in the world economy, the Conference directed the Secretariat to continue its close monitoring of developments in supply and demand, as well as non-fundamental factors such as speculative activity. The Conference appointed Dr. Ali Obaid Al Yabhouni, the United Arab Emirates' Governor for OPEC, as Chairman of the Board of Governors for the year 2014, and Dr Bernard Mommer, Venezuelan Governor for OPEC, as Alternate Chairman for the same period, with effect from 1 January 2014. The Conference decided to extend the tenure of Abdalla S. El-Badri as Secretary General for a period of one year, with effect from 1 January 2014. The Conference approved the Budget of the Organization for the year 2014. The Conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on Wednesday, 11 June 2014. Finally, the Conference reiterated its appreciation to the Government and people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and the excellent arrangements made for the Meeting