Organization of Petroleum Producing Countries (OPEC) has decided to maintain its present output ceiling of 30 million barrels (30 mb/d), urging "member countries to adhere to it." The resolution was made by the end of the 167th Meeting of the OPEC Conference in Vienna on Friday. "Member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers," a final statement stated.
"Nonetheless, the Conference stressed that, given the current market uncertainties, the Secretariat should continue to closely monitor developments in the coming months," till a next meeting in December. According to the statement, the Conference reviewed the oil market outlook, as presented by OPEC Secretary-General Abdullah El-Badri, in particular the demand and supply projections, and the outlook for the second half of 2015.
It noted that the "global economic recovery had stabilized, albeit with growth at moderate levels. In the current year, GDP growth is projected at 3.3 percent, with this expected to be at a slightly higher level of 3.5 percent for 2016." The OPEC ministers stressed continued concern over market volatility and the challenges facing the global oil industry as a whole, and "observed, further, that the sharp decline in oil prices witnessed at the end of last year and the start of this year - caused by oversupply and speculation - had now abated, with prices moving slightly higher in recent months."
World oil demand is forecast to increase in the second half of 2015 and in 2016, with growth driven by non-OECD countries. On the supply side, non-OPEC growth in 2015 is expected to be just below 700,000 barrels per day, which is only around one-third of the growth witnessed in 2014, the Conference said.
The one-day ministerial gathering also exchanged views on other issues, in particular, preparations for the COP21/CMP 11 in Paris; the status of the UN post-2015 development agenda; the Organization's ongoing cooperation with the International Energy Forum and the International Energy Agency; the ongoing collaboration with various international organizations within the G-20; as well as OPEC's ongoing energy dialogue with the European Union, the Russian Federation, and others.
The 167th Meeting of the OPEC Conference, was held under the Chairmanship of its Alternate President, Mohammed bin Saleh Al Sada, Minister of Energy and Industry of Qatar and Head of its Delegation.