OPEC decides to keep oil output unchanged
20:26, 28 May 2009
VIENNA. May 28. KAZINFORM. The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its current output on a bet that a recovering world economy will boost oil prices later this year, oil ministers said Thursday; Kazinform refers to Xinhua.
The 12-country OPEC cartel will keep its current output target of 24.84 million barrels a day, Ali al-Nuaimi, Saudi Arabia's oil minister, said at an OPEC ministers' meeting held here.
Saudi Arabia accounts for close to a third of OPEC's total production and what it says is usually informal policy for the rest of the bloc.
Thursday's widely expected decision appeared due to optimism that the United States -- the world's largest oil consumer -- is gradually recovering from a severe recession; Kazinform cites Xinhua. See news.xinhuanet.com for full version.