The Organization of Petroleum Exporting Countries (OPEC) has said that keeping its output level unchanged at 30 million barrels per day.
The announcement, made at OPEC’s semi-annual meeting, marked the second time in six months that the oil group decided to take no action amid a global glut of crude and weak oil prices.
Brent was trading at between 61.6 and 63.5 dollars per barrel in early trade on Friday.
OPEC Secretary General Abdalla Salem El-Badr said the group was going to have get used to lower prices.
“We have been enjoying, as a matter of fact, for the last four years 100-plus dollars (per barrel) and we (have) generated good income. Now, the cycle is down. We have to live with it – we have to accommodate ourselves, our people, our countries, to the new reality,” El-Badr said.
The OPEC meeting did not touch on planned approaches to handling a potential flood of new oil onto the market.
Iran will be looking to ramp up exports if sanctions are lifted later this year,
