OPEC to keep present supply level unchanged

IRNA 
 
OPEC said Friday February 1 that it will not change its current supply.

The Organization said in a statement issued on Friday after end of its ministerial meeting in Vienna that oil ministers of its members had after investigating market conditions in their Friday meeting reached the conclusion that market needs no further supply regarding enough inventories and the demand.

The statement says the ministers will in their March meeting re-investigate the market and make necessary decision on the supply in tune with market situation.

The ministers decided to maintain their production ceiling.

The 147th OPEC extraordinary meeting started in the OPEC Vienna headquarters on Friday to focus on current market conditions and decide on the output level.

OPEC groups Iran, Saudi Arabia, the UAE, Algeria, Iraq, Kuwait, Angola, Indonesia, Libya, Nigeria, Qatar, Venezuela and Ecuador.