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Thu 15 Dec 2011 11:38 AM

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OPEC’s new oil deal puts Saudi Arabia back in charge

Plan to raise output vindicates Saudi Arabia after its similar proposal in June was rejected

OPEC’s new oil deal puts Saudi Arabia back in charge
Saudi Minister of petroleum and mineral resources Ali Naimi. OPEC oil producers sealed their first new output agreement in three years in a deal that settles a 6-month-old argument over supply policy firmly in Saudi Arabia's favour (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
The Organisation of the Petroleum Exporting Countries agreed a target of 30m barrels daily, ratifying current production near 3-year highs. (above) Libya minister of oil and gas Abdurahman Enyezza (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
The deal vindicates Saudi Arabia after its proposal to raise output in June to stem rising prices was rejected by price hawks led by Iran, Algeria and Venezuela. (above) Nigeria's minister of petroleum Diezani Alison-Madueke (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
Saudi said it pumped 10 million barrels a day last month, 25 percent above its old OPEC quota. (above) Iran minister of petroleum and president of the Conference, Rostam Ghasemi (C) (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
In theory the agreement caps output for all 12 OPEC members for the first half of 2012 at levels that should permit a modest rebuilding of lean global inventories (above)\nVenezuela's minister of energy and petroleum Rafael Ramirez (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
UAE Minister of Energy Mohamed bin Dhaen Al Hamli arrives for the 160th meeting of the OPEC on Dec 14 in Vienna (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
Rising supply from Saudi Arabia and its Gulf Arab neighbours Kuwait and the UAE has kept a leash on oil prices as Riyadh seeks to help nurture global growth by keeping fuel costs under control. (above) Qatari minister of energy and industry Mohammed Bin Saleh Al Sada (AFP/Getty Images)
OPEC’s new oil deal puts Saudi Arabia back in charge
Algerian Energy and Mines Minister Youcef Yousfi (L) talks to a journalist upon his arrival at OPEC headquarters (AFP/Getty Images)