OPEC Maintains Output at 30M Barrels/Day as U.S. Gains Better Traction
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Crude futures are lower Friday amid a largely expected output decision from the Organization of the Petroleum Exporting Countries (OPEC) today.
From a meeting in Vienna, Venezuelan Oil Minister Rafael Ramirez said OPEC would maintain output at 30 million barrels per day, in-line with consensus views.
Ahead of the meeting, Saudi Arabia said the crude market was in "excellent shape." The WSJ quotes Saudi Oil Minister Ali al-Naimi commented, "The demand and supply are good, the inventories are good. So the market is in one of its best conditions."
The 30 million barrel per day production ceiling has been place since December 2011, though output has exceeded this level.
OPEC's decision to keep levels firm comes as production out of the U.S. has ramped, potentially curbing demand for crude from the 12-member union.
Traders will be keeping an eye on United States Oil Fund LP (NYSE: USO), United States Oil Fund LP (NYSE: USO), and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO) today. All are indicated lower in early trading.
From a meeting in Vienna, Venezuelan Oil Minister Rafael Ramirez said OPEC would maintain output at 30 million barrels per day, in-line with consensus views.
Ahead of the meeting, Saudi Arabia said the crude market was in "excellent shape." The WSJ quotes Saudi Oil Minister Ali al-Naimi commented, "The demand and supply are good, the inventories are good. So the market is in one of its best conditions."
The 30 million barrel per day production ceiling has been place since December 2011, though output has exceeded this level.
OPEC's decision to keep levels firm comes as production out of the U.S. has ramped, potentially curbing demand for crude from the 12-member union.
Traders will be keeping an eye on United States Oil Fund LP (NYSE: USO), United States Oil Fund LP (NYSE: USO), and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO) today. All are indicated lower in early trading.
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