In effectively legitimizing current freewheeling production, 98-00-0 the agreement consigns to the past the groups acrimonious failure in June to set output levels for the remainder of 2011 but leaves question marks over exactly how OPEC will act in the first half of 2012. 75-20-7

The deal includes a pledge from members to reduce production voluntarily if this becomes necessary.

OPECs communique said member countries would, if necessary, take steps (including voluntary downward adjustments of output) to ensure market balance and reasonable price levels.

Van der Hoeven said both the IEA and OPEC had forecast in their most recent market reports that the call on OPEC in 2012 would be around 30 million b/d.

Both our own and the OPEC secretariats latest market reports envisage an underlying call on OPEC crude and stocks for next year of close to 30 million b/d. In that sense, 13463-67-7 we would like to acknowledge OPECs pledge to ensure that adequate supplies are made available, she said.

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