OPEC will decide to keep its oil output targets steady, ministers said on Thursday, as they set their hopes on a strengthened economy to boost oil prices.
“Stay the course, that’s the decision,” Saudi Arabian Oil Minister Ali al-Naimi told reporters at the end of an almost two-hour meeting of the organisation of Petroleum Exporting Countries.
OPEC’s decision to stick to its targets had been widely expected.
Since September last year, OPEC has already lowered output by 4.2 million barrels per day and has implemented around 80 per cent of the promised cuts. The high compliance has helped to drive prices up from a nearly five-year low of $32.40 in December to six-month highs well above $60.
Naimi had said on Wednesday he saw evidence of economic recovery and the world was ready to cope with oil at $75-$80 a barrel, the price range the leading oil exporter considers enough to sustain energy investment for the long term.
Naimi said OPEC would hold its next ordinary meeting on September 9. That would be followed by an extraordinary meeting on December 17, a delegate said.
Business Insider Emails & Alerts
Site highlights each day to your inbox.