Opec ministers have agreed to adhere to the 30mn b/d output level decided on at their previous meeting, while leaving a way for members to stray above this target. “Member countries should adhere to the production ceil- ing of 30mn b/d,” says the press release issued by Opec after its meeting in Vienna on 14 June. Opec secretary-gen- eral Abdullah al-Badri presents the agreement as an output cut, saying members have been asked to trim back to 30mn b/d. Al-Badri says this means that overproducers need to trim supply by 1.6mn b/d and that all members agreed on this.
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