OPEC Ministers Arrive At Vienna Summit
Tuesday, March 16, 2010 at 12:59 pm
The meeting of OPEC will be held in Austria tomorrow, for which ministers have started arriving at the Vienna summit.
Opec ministers arriving for this week’s meeting of the oil producers’ group played down the prospect of any supply changes. Instead, the cartel is expected to reiterate a call for greater compliance by its members with existing production quotas. OPEC may not need to adjust output policy this year if the oil market remains stable and the global economy continues to recover, the oil minister of its top producer, Saudi Arabia, said on Monday. The economy is doing well, it will do better down the road. I don’t see any reason to disturb this happy situation, Ali al-Naimi told reporters as he arrived for a Wednesday meeting of the group that looks set to keep a lid on output. Iran’s oil minister said Monday that OPEC nations should not change their crude output targets at their upcoming meeting in Vienna. The idea of Islamic Republic of Iran is not to increase production and OPEC should not take any decision to change production, he said.
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