February 23, 2010
Iraq’s top oil official says prices are at satisfactory levels and does not expect OPEC to make changes to output during its meeting next month.
Oil Minister Hussain al-Shahristani told The Associated Press on Monday the 11-member Organization of the Petroleum Exporting Countries will instead discuss lackluster member compliance with output targets.
Al-Shahristani made the comments a few hours after benchmark crude for March delivery traded at about $80.32 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
OPEC announced a series of production cuts in the second half of 2008 that lowered oil output by 4.2 million barrels per day. The next OPEC meeting is set for March 17.
This article was posted: Tuesday, February 23, 2010 at 4:54 pm