OPEC keeps oil output targets steady

VIENNA (Reuters) – 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 percent 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.

Reuters