KHOBAR, Saudi Arabia, (Reuters) – Saudi Arabia’s oil minister said in remarks published on Friday that OPEC’s meeting next week will not change output and that an “oil price of $75 to $80 is something we all want”.
“The (meeting) will not lead to any change in production,” Saudi-owned al-Hayat newspaper quoted Ali al-Naimi as saying about the Dec. 22 meeting of the Organization of the Petroleum Exporting Countries in Angola.
“The current price is wanted by all. We are not alone in wanting it, but also those with alternatives and oil difficult to extract. And the oil price of $75 to $80 is something we all want,” Naimi told the newspaper in Copenhagen, where he was attending a U.N, climate summit.
OPEC’s president Jose Botelho de Vasconcelos also told an Angolan radio station that the producer group would keep production targets unchanged at the meeting.
OPEC has not changed production quotas in 2009 after it agreed to curb supply by 4.2 million barrels per day last year as a global economic recession eroded demand and sent oil prices tumbling by more than $100 per barrel.