A decision by OPEC to roll over the current production agreement of 24.52 million barrels a day (b/d) was the most likely outcome of a meeting of oil ministers in Geneva on 25 March, analysts say. However, a cut in production initiated by Saudi Arabia, OPEC’s largest producer, has not been ruled out.
Oil ministers arrived in Geneva on 23 March for talks, before the conference opened, to try to boost prices, now at a five-year low. OPEC president Abdullah Bin Hamad al-Attiyah said he was optimistic that oil ministers will take positive decisions that will restore stability in the oil market and support sagging prices. However, Saudi Arabia has said it will not lower production from present output of 8 million b/d unless independent producers do the same.