OPEC to keep 30-million barrel output target
By GEORGE JAHN?
?By GEORGE JAHNSecretary General of OPEC Abdalla Salem El-Badri of Libya gestures as he waits for the start of a seminar of the Organization of the Petroleum Exporting Countries, OPEC, at Vienna's Hofburg palace, Austria, on Thursday, June 14, 2012. OPEC ministers are coming into a meeting Thursday deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production and Iraq expected to back Iran, its longtime foe under Saddam Hussein. (AP Photo/Ronald Zak)
Secretary General of OPEC Abdalla Salem El-Badri of Libya gestures as he waits for the start of a seminar of the Organization of the Petroleum Exporting Countries, OPEC, at Vienna's Hofburg palace, Austria, on Thursday, June 14, 2012. OPEC ministers are coming into a meeting Thursday deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production and Iraq expected to back Iran, its longtime foe under Saddam Hussein. (AP Photo/Ronald Zak)
United Arab Emirates' Minister of Energy Mohamed bin Dhaen Al Hamli talks with Libya's Minister of Oil and Gas Abdurahman Benyezza, from left, during a seminar of the Organization of the Petroleum Exporting Countries, OPEC, at Vienna's Hofburg palace, Austria, on Thursday, June 14, 2012. OPEC ministers are coming into a meeting Thursday deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production and Iraq expected to back Iran, its longtime foe under Saddam Hussein. (AP Photo/Ronald Zak)
Hani Abdulaziz Hussain Minister of Oil from Kuwait arrives for a seminar of the Organization of the Petroleum Exporting Countries, OPEC, at Vienna's Hofburg palace, Austria, on Thursday, June 14, 2012. OPEC ministers are coming into a meeting Thursday deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production and Iraq expected to back Iran, its longtime foe under Saddam Hussein. (AP Photo/Ronald Zak)
Minister of Oil from Kuwait Hani Abdulaziz Hussain listens to a speech during a seminar of the Organization of the Petroleum Exporting Countries, OPEC, at Vienna's Hofburg palace, Austria, on Thursday, June 14, 2012. OPEC ministers are coming into a meeting Thursday deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production and Iraq expected to back Iran, its longtime foe under Saddam Hussein. (AP Photo/Ronald Zak)
Algeria's Minister of Energy and Mines Youcef Yousfi waits for the start of a seminar of the Organization of the Petroleum Exporting Countries, OPEC, at Vienna's Hofburg palace, Austria, on Thursday, June 14, 2012. OPEC ministers are coming into a meeting Thursday deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production and Iraq expected to back Iran, its longtime foe under Saddam Hussein. (AP Photo/Ronald Zak)
VIENNA (AP) ? OPEC oil ministers have decided to keep a production target of 30 million barrels a day, citing mounting world economic concerns for their decision.
The move Thursday by the Organization of the Petroleum Exporting Countries was expected, with ministers signaling such an outcome ahead of entering their meeting.
An OPEC statement cited "downside risks facing the global economy" that could result in lowered demand for the 12-nation organization's crude as a key consideration in agreeing to keep output targets steady.
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