OPEC President Sees Quota Unchanged at Next Meeting

Jose Maria Botelho de Vasconcelos
(Click to Enlarge)

LONDON (Dow Jones Newswires), Sept. 2, 2009

The Organization of Petroleum Exporting Countries is set to leave its output quotas unchanged when it next meets on Sept. 9, its president was quoted as saying Wednesday.

State news agency Angola Press quoted Angolan Oil Minister Jose Bothelo de Vasconcelos, who is also OPEC president, as telling reporters "the current quota system should not undergo any changes."

OPEC's current quota ceiling is 24.845 million barrels a day.

Last year, the organization opted to cut 4.2 million barrels a day in separate decisions, after oil prices and demand were hit by a global recession.

But signs of economic recovery have now led to a doubling of oil prices in six months - encouraging most OPEC members to favor a status quo.  

Copyright (c) 2009 Dow Jones & Company, Inc.


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