OPEC Keeps Oil Output Unchanged, Rebuffs U.S. Call |
| Bloomberg - Feb 1, 2008 |
OPEC decided to keep oil production targets unchanged at its meeting in Vienna today as the slowing U.S. economy threatens to curb energy demand.
The decision was ``easy'' to make as oil market fundamentals are ``sound,'' Saudi Arabia's Oil Minister Ali al- Naimi said. The expected economic slowdown means the group's current production is sufficient to meet demand in the first quarter, OPEC President Chakib Khelil told a press conference.
The Organization of Petroleum Exporting Countries rebuffed a request from U.S. President George W. Bush for more oil and delayed discussion of a supply cut to bolster prices until March. Oil has slipped 9 percent from a record $100.09 a barrel on Jan. 3.
Read Full Article from Bloomberg
- Posted: 2008-02-01 09:21:55
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