OPEC ministers signal output to remain on hold
VIENNA (AP) — OPEC oil ministers are signaling that the 12-nation cartel will keep its output target at 30 million barrels a day at their meeting Wednesday — even though demand could rise later this year.
The International Energy Agency sees the world's appetite for crude growing in months ahead. But many OPEC members are at production capacity limits.
Additionally, sales from Iran, normally among the 12-nation organization's top producers, are severely crimped by sanctions imposed over its nuclear program. And internal conflicts and domestic chaos have slashed Libya's exports.
Angolan oil minister Jose Maria Botelho de Vasconcelos said Tuesday the meeting could decide to extend the present target of 30 million barrels a day.
OPEC powerhouse Saudi Arabia, however, is expected to unilaterally boost production if called for by demand.