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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: OPEC to keep current oil quotas: Saudi minister AFP - Wednesday, May 27 VIENNA (AFP) - - The OPEC oil cartel is likely to maintain current production quotas at its meeting in Vienna this week, Saudi Oil Minister Ali al-Nuaimi said Tuesday on his arrival in the Austrian capital. ADVERTISEMENT "We will stay the course," the minister, whose country is OPEC's biggest oil producer, told journalists as he arrived at his hotel ahead of Thursday's meeting of the Organisation of Petroleum Exporting Countries. Asked if there was a consensus on this position among members of the group, Nuaimi replied: "We will know that on Thursday when we meet." He also said that oil prices should rise to 75 dollars per barrel, "we hope between the third and fourth quarter" of this year. OPEC, which pumps some 40 percent of global oil supply, has steadily cut production since late last year in a bid to steady prices which have tumbled from record highs above 147 dollars per barrel in July 2008. Asked if he was worried about rising oil stocks, al-Nuaimi admitted Tuesday: "Yes, always." Industrialised nations in the Organisation for Economic Cooperation and Development had 62 days' worth of stocks, which he said was too high. "We would like it to be 53 days," al-Nuaimi said, noting that this would happen "over time." On Sunday, Algerian Energy Minister Chakib Khelil predicted that the OPEC ministers would maintain current production quotas. "We need the world economy to pick up again and I think maintaining the status quo goes in that direction," he said on the margins of a meeting of G8 energy ministers in Rome. "Maintaining the status quo, given that prices are rising, is a wise solution. Why... break the cycle of growth that we are already seeing on the horizon?" he added, noting that a consensus was building among OPEC members. The price of oil must eventually reach "between 70 and 90 dollars," he also said. King Abdullah of Saudi Arabia was similarly optimistic about the future of oil market in an interview with Kuwaiti daily Assiyassa published Tuesday. "Oil prices dropped for well-known reasons which could never happen again in the future," he said, referring to the global economic meltdown. "We are currently seeing a fast recovery for the global economy and are seeing indications of a higher demand for oil," he added. In its last monthly report, OPEC had noted "the persistent contraction in demand" and again reduced its forecast for world crude demand. Late Tuesday, oil prices rose again above 60 dollars after early weakness, as traders took direction from better-than-expected positive US consumer confidence data. New York's main futures contract, light sweet crude for delivery in July, rose three cents to 61.70 dollars a barrel, having earlier fallen as low as 59.53 dollars. London's Brent North Sea crude for July added 50 cents to 60.71 dollars. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo The OPEC oil cartel is likely to maintain current production quotas at its meeting in Vienna this week, Saudi Oil Minister Ali al-Nuaimi, pictured in March 2009, said Tuesday on his arrival in the Austrian capital. Most Popular – Top Stories Viewed Climate change: World's destiny at stake G8 hears oil prices could again soar when crisis eases Vitamin D boosts brain power in middle-aged men Smokers duped by light cigarettes: US court World Bank chief warns about economic crisis View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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