OPEC to leave oil production unchanged

Source: CNN

NEW YORK (CNNMoney) -- OPEC said it will leave its official production ceiling unchanged, dashing hopes for an official increase that could have sent crude prices lower.

At a regularly scheduled meeting in Vienna, the cartel will maintain its current production limit of 30 million barrels per day.

Comments from Saudi Arabia's oil minister earlier this week indicated the Saudis might push for an official increase in OPEC's production ceiling --possibly to 30.5 million barrels per day.

Such an increase would have had a largely psychological impact on prices. OPEC is already pumping roughly 32 million barrels per day as Libyan oil returns to market and the Saudis keep production high to offset any potential loss from sanctions on Iran. The world produced about 91 million barrels per day in May, according to the International Energy Agency.



Read more: http://money.cnn.com/2012/06/14/investing/opec_oil/

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Well, there goes the Squirrel Whisperer's conspiracy theory on the Saudis helping Obama win the election through lower oil prices.