Iran oil minister: OPEC cuts production ceiling despite rumors on output rise

Iran Materials 16 December 2011 12:48 (UTC +04:00)

Azerbaijan, Baku, Dec. 16 / Trend F.Milad/

Despite some rumors on output rise, the Organization of the Petroleum Exporting Countries has, in fact, reduced its production ceiling to 30 million barrels per day (mbpd) from 30.4 mbpd, Iranian Oil Minister Rostam Qasemi stated.

Speaking to reporters on the sidelines of the Vienna meeting on Wednesday, the Iranian official said according to an OPEC official report, the organization's output was 30.4 mbpd. But, members decided to cut it to 30 mbpd, the IRNA news agency reported.

OPEC held its 160th meeting in Vienna on Wednesday. The members pledged to reduce production voluntarily if this becomes necessary, according to the Platts magazine.

In a communiqué, OPEC stated: "Member countries would, if necessary, take steps (including voluntary downward adjustments of output) to ensure market balance and reasonable price levels."