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What is OPEC Oil Production Quotas Explained about?
OPEC sets oil production quotas to pursue stability in oil markets for both producers and consumers. If demand grows or some producers decrease output, OPEC can increase production to prevent sudden price rises. OPEC decided to keep quotas unchanged at 24.845 million barrels per day based on expectations that a recovering global economy will maintain prices near $80 per barrel. Compliance with quotas was estimated at 71% in August 2009. OPEC aims to influence oil prices through controlling around 46% of glo
- Author
- Yash Bhayani
- Language
- EN