The Organization of Petroleum Exporting Countries (OPEC) has no appetite for changing its daily production limit amid comfortable prices, several of the cartel’s oil ministers today said in Vienna.
“The market is in excellent condition. We want to leave it that way,” said Petroleum Minister Ali Naimi of Saudi Arabia, OPEC’s largest producer and most influential member.
The 12 OPEC member countries were meeting to discuss production and other issues at their annual December conference.
The meeting came amid lower output in restive Libya and in sanction-hit Iran, which has helped the group keep its total production below its target of 30 million barrels per day.
However, OPEC would have to look at its production targets again next year once Libyan oil starts flowing again, the embargo against Iran is lifted, and Iraq makes true on its announced oil export boost, Angolan Petroleum Minister Jose Maria Botelho de Vasconselos said.
“Maybe we will balance when the production from these countries goes up,” he said.
OPEC’s basket price stood at $108.08 per barrel on Tuesday, according to the latest available price quote.