The Organization of the Petroleum Exporting Countries (OPEC) said Monday that its basket price kept stable at 77.74 dollars at the end of last week, DPA reported.
OPEC's crude oil price shed 0.02 dollars per barrel (159 litres) on Friday, the cartel said ahead of a meeting of its oil ministers on Wednesday to discuss production levels.
Member countries have signalled that the group would keep its output ceiling unchanged, but might call for better adherence to that limit.
Most of the OPEC members are producing over their individual targets. Of the organization9s 12 countries, only Iraq is not included in the quota system.
OPEC oil price hovers above 77 dollars ahead of conference
See Also:
- OPEC: World oil demand growth to be weaker than expected due to economic concerns
- IEA revises down forecast on global oil demand
- OPEC downgrades forecast for Kazakhstan's oil production
- OPEC expects Azerbaijan’s oil production at 0.99 mln bpd in 2012
- JP Morgan: Global oil demand growth to be moderate in first half of 2012
