OPEC Maintains Output
VIENNA, Austria -- OPEC said it would not change its oil production target until its members meet again in June to reassess market conditions, reflecting uncertainty over signs the economy is recovering.
Saudi Oil Minister Ali Naimi said the economic data he had seen made it clear that OPEC needed to stick for now with its official output level of 21.7 million barrels a day.
The decision was expected to have only a slight impact on consumers, the Associated Press reported. Officials from OPEC noted "encouraging signs" of a global economic recovery, but said the group's members weren't yet convinced that the recovery would be strong enough to justify their pumping more oil before summer.
Oil ministers and officials were reluctant to say whether they were likely to increase output when they meet again on June 26, a time when demand for gasoline usually starts to rise as motorists take to the roads during the peak driving season.
Saudi Oil Minister Ali Naimi said the economic data he had seen made it clear that OPEC needed to stick for now with its official output level of 21.7 million barrels a day.
The decision was expected to have only a slight impact on consumers, the Associated Press reported. Officials from OPEC noted "encouraging signs" of a global economic recovery, but said the group's members weren't yet convinced that the recovery would be strong enough to justify their pumping more oil before summer.
Oil ministers and officials were reluctant to say whether they were likely to increase output when they meet again on June 26, a time when demand for gasoline usually starts to rise as motorists take to the roads during the peak driving season.