Saudi Oil Minister Says OPEC Set to Leave Daily Output Quota Unchanged

Saudi oil minister says OPEC set to leave daily output quota unchanged

VIENNA, Jan. 30 (Xinhua) — Saudi Arabia’s oil minister Ali Naimi said Monday that all 11 OPEC members agreed they will keep the daily output quota unchanged at 28 million barrels a day when they meet later Tuesday.

The Organization of Petroleum Exporting Countries will meet on Tuesday with its 11 members already unanimous that it won’t cut output, preferring to wait until March, said OPEC oil ministers.

Venezuelan oil minister Rafael Ramirez said: “There will be no cut at this meeting.” However, he recommended OPEC members prepare for a cut at their next meeting, saying a million barrels a day could be needed then.

Ramirez said the recent rise in petrol prices was due to the confrontation between Iran and the United States over Iran’s nuclear program.

Qatari oil minister Abdullah bin Hamad al-Attiyah said that “all options are open” for the March meeting.

OPEC president Edmund Daukoru, who is also Nigeria’s oil minister, told reporters earlier that he saw no “compelling” reason for a cut.

“The market hasn’t changed; the price is still 67 U.S. dollars a barrel,” he said.