News Sumamry: OPEC keeps output target on hold

Posted at: 12/12/2012 1:06 PM
By The Associated Press

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 by The Associated Press. All Rights Reserved.)

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