OPEC Urges Members To Adhere to Quotas
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
OPEC, whose members supply more than 40% of the world’s oil, urged members to adhere more strictly to production quotas. Ministers from the Organization of Petroleum Exporting Countries agreed to a total production limit for 11 members of 28.8 million barrels a day. The lower total reflects the suspension of Indonesia’s membership and is 520,000 barrels a day below the group’s actual July output, the group’s president, Chakib Khelil, said at a press conference. Members including Iran and Venezuela had urged OPEC to take action to keep prices above $100 a barrel as slower economic growth curbs demand. Brent crude oil fell below $100 for the first time in five months yesterday.
