OPEC announces members' quotas

Secretariat General of Organization of Petroleum Exporting Countries (OPEC) issued on Thursday night a list of oil production quotas for each of its eleven members, excluding Iraq, Kuwait News Agency reported.

The OPEC oil ministers have agreed, during their meeting held here Thursday to stand the new oil production ceiling at 25.4 million barrel per day (BPD), thus lifting formal production quotas by 900,000 BPD, effective from June 1.

According to the OPEC statement member supply quotas are as follows: Algeria: 0.811 million BPD, Indonesia: 1.317 million BPD, Islamic Republic of Iran: 3.729 million BPD, Kuwait: 2.038 million BPD, Libya: 1.360 million, Nigeria: 2.092 million, Qatar: 0.658 million, Kingdom of Saudi Arabia: 8.256 million, United Arab Emirates: 2.217 million, and Venezuela: 2.923 million BPD.

The cartel, controlling over half world oil exports, is trying to prevent crude price dropping below its US$ 25 target. (*)