Wednesday, March 3, 2021
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OPEC agrees to renew 30 mln bpd oil cap for 6 months

VIENNA: OPEC has agreed to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said.
The 12-member Organization of the Petroleum Exporting Countries is enjoying oil prices at $112 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.
Two member countries, Libya and Iran, are producing well below capacity because of civil strife and sanctions respectively, helping support prices.