By Chika Amanze- Nwachuku
The Organisation of Petroleum Exporting Countries (OPEC) has decided to leave production ceiling at 30 million barrels per day (mbpd), citing weak global economy.
Ahead of yesterday’s meet- ing, some OPEC ministers said they expected the group, which supplies a third of the world’s oil to keep supply limits unchanged.
In a release issued at the end of its 161st meeting in Vienna, Austria, the 12-member organ- isation cited downside risks facing the global economy that could lower the demand for its crude as a key consideration in agreeing to keep output targets steady.
The oil ministers noted that the heightened price volatility witnessed during the early part of 2012 was a reflection of geo- political tensions and increased levels of speculation in the commodities markets, rather than solely a consequence of supply/demand fundamentals.