OPEC members stay the course
OPEC ministers yesterday decided to “stay the course” and keep output steady as they bet on a strengthening economy and tentative signs of increased demand to boost oil prices. “Stay the course, this is the decision,” Saudi oil minister Ali al-Naimi said following just under two hours of talks, which had been widely expected to maintain existing production targets.
Some members of the 12-member Organization of the Petroleum Exporting Countries voiced concern high levels of inventory could depress prices, but Naimi said demand was rising and would drain away excess supplies.