OPEC oil ministers decide to keep output target at 30 million barrels a day

VIENNA – 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 signalling 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.