Source:
https://scmp.com/business/global-economy/article/2102427/opec-has-flexible-output-target-its-production-deal-counter Business
Opec has flexible output target in its production deal to counter rising crude supplies
FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo
Opec has a flexible target under its oil-cuts agreement that allows output to rise as much as 500,000 barrels a day higher than the previously announced ceiling, according to the group’s Secretary-General Mohammad Barkindo.
Under its agreement, the Organisation of Petroleum Exporting Countries can collectively pump from 32.5 million to 33 million barrels a day to accommodate “future supply developments,” Barkindo said on Wednesday at a conference in Istanbul. He didn’t elaborate on such future developments.