OPEC members on Friday opted to leave prevailing policies unchanged, unwilling to set a target for the groups output amidst widespread disagreement amongst members. The cartel meeting ended in bitterness after Iran stated that it would not consider any production cuts until it restores output that had been lost during the years of export sanctions over its questionable nuclear program. The OPEC Secretary General Abdullah Al-Badri said that members could not agree on any new figures as they could not predict how much oil Iran would add to the market next year. Iran reiterated it would boost production by at least one million barrels per day once sanctions are officially lifted, adding to oversupply conditions. Without curbs elsewhere, this would add to the global glut, as the world is currently consuming up to two million barrels per day less than it is producing.
OPEC Remains Indecisive
Daily Analysis - 07/12/2015