OPEC crude oil output unchanged for December

OPEC will maintain its current crude oil output level when its meets in Angola on Tuesday, according to the Chakib Khalil, the Algerian Energy Minister.

“There will be no change in OPEC’s supply of crude oil. OPEC will not reduce supply and it will not increase supply,” Khalil said in Algiers, according to the Qatari News Agency. In an earlier statement, Khalil said OPEC will not announce any production increase until 2012, with the aim to stabilise oil markets.

Saudi Arabian Oil Minister Ali al-Naimi has yet to arrive in Angola ahead of Tuesday’s meeting but he has already made clear he believes the price is right and he sees no need for OPEC to adjust oil supply.

Speaking on Sunday, other ministers also took the view they should stick with targets in place since last December.

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