OPEC sticks to its guns, demand rising
Font size:
IRJ Mar 17 - OPEC ministers agreed not to change oil output targets they are already exceeding, anticipating that demand will pick up later in the year to mop up extra barrels.
But with economic recovery still fragile as powerhouse China considers curbs on credit, members discussed on Wednesday their adherence to production levels set in December 2008 to keep supply at 24.84 million barrels per day (bpd).
OPEC Secretary-General Abdullah al-Badri said the producers would next meet on October 14 in Vienna, pushing back slightly from the usual September slot.
"Good demand, reliable supply, beautiful prices -- we are very happy," Saudi Arabian Oil Minister Ali al-Naimi said just before entering the meeting.
Benchmark crude futures traded at over $82 per barrel -- in the area that OPEC's biggest exporter considers appealing to both consumers and producers alike, despite overproduction by OPEC.
But with economic recovery still fragile as powerhouse China considers curbs on credit, members discussed on Wednesday their adherence to production levels set in December 2008 to keep supply at 24.84 million barrels per day (bpd).
OPEC Secretary-General Abdullah al-Badri said the producers would next meet on October 14 in Vienna, pushing back slightly from the usual September slot.
"Good demand, reliable supply, beautiful prices -- we are very happy," Saudi Arabian Oil Minister Ali al-Naimi said just before entering the meeting.
Benchmark crude futures traded at over $82 per barrel -- in the area that OPEC's biggest exporter considers appealing to both consumers and producers alike, despite overproduction by OPEC.
del.icio.us
Digg
NewsVine
Mixx
FaceBook
Twitter
Email this article
Print
Plain text
