Wednesday, March 17, 2010

Saudi: no change in OPEC output

VIENNA — The Saudi oil minister says OPEC will keep output levels unchanged later today because the market is enjoying "good demand, reliable supply, beautiful prices."

Ali Naimi spoke ahead of a formal decision by oil ministers of The Organization of the Petroleum Exporting Countries Wednesday.

He says that in light of the oil market's current conditions there is no reason to increase or decrease output.

The Saudis are OPEC's greatest oil producers, and its de-facto policy setters. But even Iran and Venezuela, which normally push for higher prices and tight supplies, have said they are pleased with prices now skirting $80 a barrel.

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