views

Opec to leave output on hold

Opec producers are set to leave output limits unchanged at a meeting in Angola today, officials from the cartel said, but look likely to call for improved compliance with existing curbs. “For this meeting – no change," Opec secretary- general Abdullah al-Badri told reporters. “There is consensus that there is no change. If you look at the price, it is very comfortable. If you look at fundamentals, inventories they are on the high side. We have to work to bring them down to reasonable levels.” The Organisation of the Petroleum Exporting Countries has not needed to alter its self-imposed output quotas since slashing supplies late last year to reverse a price crash as the world economy slid into recession.