The Organization of Petroleum Exporting Countries, OPEC has decided to maintain the ceiling of 30 million barrels oil production per day for the member nations.

At a meeting in Vienna yesterday, the 12 nation group agreed not to increase the oil production as demanded by some members.

OPEC is already producing around 31.8 million barrels per day with increased output from Saudi Arabia, Iraq and Libya.

The OPEC International Development Fund (OFID) has agreed to provide a loan of 20 million dollars to Nepal . The assistance is for the implementation of the Rural Connectivity and Community Development Project. An agreement to this effect was signed between the representatives of government of Nepal and OFID at Vienna , Austria recently. The Rural connectivity project co- financed by the Asian Development Bank aims at improving the connectivity of rural communities , enhancing economic and employment opportunities and increasing access to market and social sectors. The loan assistance received as co-financing from the OPEC Fund for International Development Fund will be utilized to promote rural economic and social development through small-scale infrastructure and capacity building sub-projects.  The project will be implemented across eighteen low-income, remote, mountainous districts of Nepal from the east to the far west . Some 1.5 million people are expected to benefit from the project. Emphasis will be placed on strengthening the capacities of communities and integrating the poor and women into the mainstream of development activities which is to be completed in December 2016 . OFID has provided support to Nepal since 1976, having co-funded a wide range of projects supporting sectors ranging from agriculture, energy and transportation, to water supply and sanitation and education, among others.

Organisation of Petroleum Exporting Countries (OPEC) oil output rose in March to its highest since October 2008. The higher supply from Iraq and further recovery in Libya’s production helped offset a decline in oil shipments from Iran.

The Supply from the 12 members of the OPEC averaged 31.26 million barrels per day, up from 31.16 million in February. 

A survey at oil companies, OPEC officials and analysts found that exports from Iran are falling as some buyers stop or scale back purchases because of sanctions. Concern about Iranian supply has helped drive a 15 per cent rally in oil prices this year to $123 a barrel.

OPEC is pumping far more than its official production target of 30 million barrels per day. In March, the biggest increase in OPEC supply came from Libya, where output continues to recover after the shut down during the uprising against Gaddafi’s regime last year.

Iraq provided the second-largest boost as exports rebounded after weather-related disruptions in February and a new Gulf shipping outlet.