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OPEC to keep target output at 30 million barrels

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Kuwaiti Oil Minister Hani Abdulaziz Hussain speaks to journalists before the start of the meeting of the Organization of the Petroleum Exporting Countries at their headquarters in Vienna, Austria, on Thursday, June 14, 2012. (AP Photo/Ronald Zak)

VIENNA, Austria (AP) — OPEC oil ministers have decided to keep a production target of 30 million barrels a day, citing mounting world economic concerns for their decision.

The move Thursday by the Organization of the Petroleum Exporting Countries was expected, with ministers signaling such an outcome ahead of entering their meeting.

An OPEC statement cited “downside risks facing the global economy” that could result in lowered demand for the 12-nation organization’s crude as a key consideration in agreeing to keep output targets steady.

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