Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

OPEC not concerned about US pickup in oil output

[December 13, 2012]  VIENNA (AP) -- A senior OPEC official says the organization does not see increased U.S. oil output as a threat to its interests.

OPEC Secretary General Abdullah Al-Badry also says figures supplied to OPEC by Iran show it producing around 3.7 million barrels a day.

That is about the same amount as Tehran pumped before international embargos on its crude that took effect this year and have led to estimated sales losses of hundreds of thousands of barrels a day.

Al-Badry spoke to reporters Thursday, a day after OPEC ministers agreed to keep their daily crude production target unchanged at 30 million barrels.

They also extended his term for a year after failing to agree on a successor for the post because of rivalries among Saudi Arabia, Iran and Iraq, which nominated successors.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.