OPEC Keeps Daily Output At 30M Barrels

Iran had sought lower production, but it apparently bowed to Saudi Arabia, which wanted to effectively sets OPEC policy.

VIENNA (AP) — OPEC says its 12 oil ministers have agreed to keep the organization's output at 30 million barrels a day.

A statement issued by the Organization of the Petroleum Exporting countries says that agreement includes a voluntary commitment by producing nations to lower their outputs if world demand for crude drops.

The result of Wednesday's meeting was widely anticipated. Iran had sought lower production — which would raise prices. But it apparently bowed to Saudi Arabia, which wanted to maintain levels and which effectively sets OPEC policy as its largest producer.

The statement said the target includes Libya, which is increasing production with the cessation of violence. Libyan delegates say the country is pumping about 1 million barrels a day.

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