(MENAFN) The Organization of the Petroleum Exporting Countries (Opec) decided to keep oil output limits on hold in its recent meeting, Reuters reported.
Most Opec members want its biggest oil exporter Saudi Arabia to cut back to output to defend oil prices at USD100 a barrel, as extra oil from the Gulf kingdom was the main reason for lifting Opec output to 31.6 million bpd, well in advance of the group's formal 30-million-bpd target.
Saudi Oil Minister Ali Al-Naimi, caused some uncertainty earlier in the week, as he first suggested the need to lift Opec's output to match forecast demand for the rest of the year estimated at 30.7 million bpd. The next day he said he was happy with policy as is.
Oil prices have dropped to USD79 bottom from a USD128 peak for the year in March, partly due to the dimming economic outlook, and the increased Saudi output that in April to a 30-year high of 10.1 million bpd.
The Saudi move was aimed at lifting the world's oil inventories, to counter a possible sharp fall in Iranian supply when a European Union embargo on Tehran starts next month.
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