{"id":693580,"date":"2010-03-17T08:31:00","date_gmt":"2010-03-17T12:31:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/opec-insider-opec-wont-hike-production-even-though-demand-was-hiked-2010-3"},"modified":"2026-10-04T11:30:34","modified_gmt":"2026-10-04T15:30:34","slug":"opec-leaker-spills-beans-on-groups-unwillingness-to-hike-production","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/693580","title":{"rendered":"OPEC Leaker Spills Beans On Group’s Unwillingness To Hike Production"},"content":{"rendered":"

\"AP<\/p>\n

An anonymous delegation member has told the Associated Press that OPEC won’t increase its production quota, in reference of an announcement that should be officially coming out soon.<\/p>\n

VIENNA (AP) — A delegation member at an OPEC oil ministers’ meeting says the gathering has agreed to keep output targets unchanged.<\/p>\n

<\/p>\n

OPEC has left its members’ production quotas unchanged since December 2008, when it announced the last of a series of cuts aimed at bringing their output down by 4.2 million barrels per day. The cuts helped engineer a rebound in crude prices, which had collapsed to the low $30s from a mid-2008 high of almost $150 per barrel.<\/p>\n

The delegation member spoke on condition of anonymity before the formal announcement later Wednesday. He said members also were asked to curb overproduction, now at nearly 2 million barrels a day.<\/p>\n

With that overproduction, OPEC now is pumping about 27 million barrels a day.<\/p>\n

Keep in mind this is despite the fac that they recently increased their 2010 oil demand forecasts.<\/p>\n

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