OPEC holds output high

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,