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News Sumamry: OPEC keeps output target on hold

Source : AP
Last Updated: Wed, Dec 12, 2012 20:30 hrs

: OPEC ministers agreed to keep their daily crude production target unchanged at a meeting Wednesday. But in a sign of internal rivalry, they failed to reach consensus on a new secretary general.

DEMAND DOWN: OPEC predicts less demand for its oil next year in part because of weak economic growth in consuming countries.

NO CHANGE AT THE TOP: OPEC ministers agreed to keep Abdullah Al-Badry as secretary general for a sixth year, making him one of the longest-serving officials in that post in OPEC history. Saudi Arabia, Iran and Iraq were vying for the top spot.

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