July 2015, Vol. 242, No. 7

Projects

OPEC Keeps Oil Output Target on Hold, Predicts Low Prices

VIENNA (AP) — OPEC decided to keep its oil output target on hold Friday and predicted prices would remain low for the foreseeable future — good news for both for oil-hungry international industries and consumers at the gas pump. The cartel said its output level would remain at 30 million barrels a day despite the fact that prices were still low compared with a year ago. It left it to member states to restrain any overproduction, an acknowledgment of the cartel’s inability to enforce its own limits as it struggles to control world supply and prices. With non-OPEC oil producing countries ready to ramp up production if prices go much above present levels, OPEC’s secret

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