OPEC maintains output quotas

QUITO – The Organization of Petroleum Exporting Countries (OPEC) decided on Saturday to maintain its production quotas unchanged at its extraordinary meeting in Quito.

Renewed for the seventh consecutive time since January 2009, this status quo was expected, the secretary general of OPEC, and almost all the ministers present in Quito have indicated before the meeting that a change of quotas would be very unlikely, despite the recent rise in oil prices above the $ 90 threshold for the first time in over two years.

“The conference decided to maintain its current production levels,” fixed at 24.84 million barrels per day (bpd) since 1 January 2009, said the final communiqué of the 158th OPEC meeting.

“Increasing global consumption of crude oil will be less important in 2011 than in 2010, and this slowdown is coupled with a set of risks that could threaten the fragile recovery of the global economy, including possible negative effects of a currency war and fears of a new banking crisis in Europe, “the statement said.