OPEC: Output Targets Unchanged

Filed under: Forecasts, Market Matters, Economic Data, Oil

OPEC, which is responsible for 35% of world's oil production, has left output quotas unchanged at 24.85 million barrels a day.

The International Energy Agency (IEA) forecasts worldwide demand at 88.8 million barrels a day for 2011, up from 87.1 million bpd this year.

Oil has rallied 25% this year. OPEC profits are estimated to be higher by 35% to $750 billion. Recent oil prices have hovered between $80 to $90 per barrel.

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OPEC: Output Targets Unchanged originally appeared on BloggingStocks on Sun, 12 Dec 2010 09:40:00 EST. Please see our terms for use of feeds.

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