OPEC sees no change in oil output targets

• Source: Xinhua
• [22:07 December 22 2009]
• Comments

The Organization of Petroleum Exporting Countries (OPEC) said on Tuesday in Luanda that there is no change in its oil output targets.

The organization opened its 71st monitoring sub-commission meeting here on Monday to analyze the production quotas set earlier this year in Vienna, Austria.

OPEC members account for 40 percent of the world crude oil production, and 75 percent of the world's oil reserves, according to the latest OPEC data.

Angola currently holds the rotating chairmanship of OPEC, which was founded in 1960 in Baghdad, Iraq to promote policies of economic growth and to defend member states' interests.

OPEC now groups Angola, Algeria, Libya, Nigeria, Venezuela, Ecuador, Saudi Arabia, the United Arab Emirates, Iran, Iraq, Kuwait and Qatar.