VIENNA, Dec. 4 (UPI) -- Crude production by OPEC will remain unchanged next year at 30 million barrels per day, the oil cartel announced Wednesday in Vienna.
The latest summit of the Conference of the Organization of the Petroleum Exporting Countries ended with the conclusion that, with the world economy continuing its lackadaisical growth, it was not the time to adjust its output from current levels.
"The biggest challenge facing global oil markets in 2014 is this global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern," OPEC said in a written statement. "It was also noted that, although world oil demand is forecast to increase during the year 2014, this will be more than offset by the projected increase in non-OPEC supply."
Reaction from world commodity exchanges was mixed, with January crude up about 30 cents to more than $96 per barrel at midday on the New York Mercantile Exchange. January Brent futures trading in London dipped slightly to around $112 per barrel.
Wednesday's session was the first since a diplomatic agreement opened the door to an easing of sanctions against Iran. The OPEC statement did not address Iran but it pledged to continue monitoring the world supply situation and speculative market activity and respond aggressively to any dramatic changes.
The Conference scheduled its next Ordinary meeting for June 11 in Vienna.
