We, and we suspect many others, are still trying to work out exactly what OPEC decided at Friday’s meeting. Usually reliable sources have reported that OPEC has agreed to raise its output target from 30m to 31.5m barrels per day (bpd). In the event, though, OPEC’s Secretary-General has simply said that the group is “effectively maintaining its current output ceiling”. Crucially, this is still consistent with an increase in the ceiling (the key word is “effectively”), because of the need to accommodate up to 1m bpd of oil from Indonesia which is rejoining the group.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services