The Organization of Petroleum Exporting Countries left its current output levels unchanged Friday, a delegate told Dow Jones Newswires, with the group set to meet again March 5 to take stock of market conditions.
The cartel, which pumps 4 out of 10 barrels consumed globally, has agreed to roll over its current production quotas of 29.67 million barrels a day, distributed between 12 member countries. Iraq has no output cap.
The group is set to review it production again on March 5, when there may be greater pressure from some in the cartel to cut output in the face of seasonally weaker demand and a clearer picture of the effects of the slowdown in the U.S. on the global economy.