Read as much as you want on, anywhere and anytime, for just 99¢.

OPEC keeps production target at 30m barrels

LONDON — With the price of oil relatively strong, OPEC decided Friday to maintain its current target for oil production at 30 million barrels per day, a move that was expected by the markets.

The price of Brent crude oil, the European benchmark, has recently hovered around $100 a barrel, a level that met with the approval of most members of the Organization of the Petroleum Exporting Countries, meeting in Vienna.

Continue reading below

At a news conference following the meeting, the OPEC secretary general, Abdalla S. el-Badri, waved off a suggestion that the $100-per-barrel level was acting as a drag on the world economy, arguing that much of the eventual price at the pump was because of taxes, not the crude oil itself.

For US drivers, increased drilling in the United States and sluggish demand in Europe are putting pressure on global oil prices and have brought a modest amount of relief. The price for an average gallon of regular gasoline in the United States on Friday was $3.61, a drop of four cents from a week ago, according to AAA.

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of