Iran says OPEC members observe quotas

Arab World Materials 16 January 2012 16:35 (UTC +04:00)

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

Iranian Oil Minister Rostam Qasemi has said that the global oil market is balanced and that members of the Organisation of Petroleum Exporting Countries observe their production quotas, the Shana news agency reported.

OPEC members reached a consensus on 30 million barrels per day of the oil production target it was revealed during the 160th ministerial meeting in Vienna on 14th December, 2011.

All 12 OPEC members collectively produced 30.37 million barrels a day in November 2011, according to OPEC's own monthly report. Excluding Iraq, the 11 nations previously subject to quotas pumped 27.69 million barrels a day; Bloomberg quoted OPEC data as saying.

The 12 members of OPEC are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.