OPEC Postpones Oil Production Quotas Decision Until 2016

OPEC's Secretary General Abdalla Badri said Friday that a decision on oil production ceiling has been postponed until next year in view of Iran's return to the market following lifting of international sanctions.

VIENNA (Sputnik) — Badri, who spoke after the 168th Meeting of the Conference of the Organization of the Petroleum Exporting Countries in Vienna, was approved to continue his tenure as Acting Secretary General until the end of July 2016.

According to the officials OPEC statement, member countries should continue to closely monitor developments on the global oil market in the months preceding next Vienna meeting on June 2, 2016.

Since 2011, the official OPEC production output has been set at 30 million barrels per day.