OPEC rules out increase in oil production |
| Xinhua - Feb 4, 2008 |
The Organization of Petroleum Exporting Countries decided to keep oil production targets unchanged at its meeting in Vienna on Friday 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.
OPEC 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 nine percent from a January 3 record of 100.09 U.S. dollars a barrel.
Read Full Article from Xinhua
- Posted: 2008-02-04 09:24:23
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