"The conference decided that member countries should adhere to the production ceiling," the statement said.
It's highly unlikely the Saudis will convince Iran to accept a cartel-wide production ceiling.
Russia's natural production ceiling is between eight million and nine million barrels a day, and it's in Russia's interests to increase to that ceiling".
It is true that since a decision was taken to phase out milk quotas, the production ceiling has been raised by between 2% and 2.5%.
[Page C9.] OPEC May Lift Production Quota The president of OPEC said the group was considering an increase in its production ceiling to help bring down oil prices.
[C2.] OPEC Speaks; Not Everyone Listens Hours after OPEC ministers meeting in Iran decided to increase a production ceiling, oil prices in New York jumped to a new high.
As a result, key oil-producing countries in the OPEC cartel will maintain a disciplined production ceiling, supporting prices.Coal will contribute the most to growth in energy demand, driven by China and India.
The cartel issued a statement late Thursday saying it expected supply and demand of oil in the world to remain balanced through the second half of the year, and so would leave its production ceiling unchanged.
There are fears of an oil glut in 1998, since the Organisation of Petroleum Exporting Countries has decided to raise its production ceiling by 10%, to 27.5m barrels a day, beginning in January.
The cost of Brent crude soared by 6.7% to $34.35 as Iran gave its verbal support for a production ceiling, even though it avoided making any immediate commitment to rein in its own growing output.
