News Sumamry: OPEC keeps output target on hold
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Source: Business News
Originally published: Dec 12, 2012 - 12:52 pm
Originally published: Dec 12, 2012 - 12:52 pm
(AP) - PRODUCTION LEVEL: OPEC ministers agreed to keep their daily crude production target unchanged at a meeting Wednesday. But in a sign of internal rivalry, they failed to reach consensus on a new secretary general.
DEMAND DOWN: OPEC predicts less demand for its oil next year in part because of weak economic growth in consuming countries.
NO CHANGE AT THE TOP: OPEC ministers agreed to keep Abdullah Al-Badry as secretary general for a sixth year, making him one of the longest-serving officials in that post in OPEC history. Saudi Arabia, Iran and Iraq were vying for the top spot.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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