OPEC keeps output steady

VIENNA. May 29. KAZINFORM OPEC ministers yesterday decided to ?stay the course? and keep output steady as they put their hopes on a strengthening economy and tentative signs of increased demand to boost oil prices; Kazinform refers to the Arab News.

photo: QAZINFORM
?Stay the course, this is the decision,? Saudi Petroleum and Mineral Resources Minister Ali Al-Naimi told reporters 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 Petroleum Exporting Countries voiced concern high levels of inventory could depress prices, but Naimi said demand was rising and would drain away excess supplies. ?The price is good, the market is in good shape, recovery is under way. What else could we want?? he said. Oil prices jumped to a new six-month high yesterday as government reports showed that US consumers are spending money and fewer people are requesting first-time unemployment benefits; Kazinform cites the Arab News. See www.chinaview.cn for full version