OPEC likely to keep oil output levels unchanged for now

OPEC member countries will probably decide to keep oil output levels unchanged when members officially meet today in Vienna, according to news reports citing oil ministers from Qatar and Saudi Arabia.

OPEC members will also call for better compliance with each country’s current quota, Dow Jones Newswires reported, quoting a Nigerian energy minister. Saudi Arabia’s Oil Minister Ali Naimi has said that OPEC won’t allow global oil markets to get to the point where they put too much pressure on prices, Dow Jones reported.

OPEC’s current daily quota stands at 24.845 million barrels, but January compliance with that target was at 54.4%, according to a Platts survey of OPEC and industry officials and analysts. OPEC members will conduct their official meeting this morning.

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