Saudi Arabia hints OPEC oil output limit won't change - Your Middle East

Saudi Arabia hints OPEC oil output limit won't change - Your Middle East:

"Saudi Arabia is satisfied with current crude prices as well as global supply and demand levels, its oil minister said Monday, indicating OPEC will freeze its output ceiling.

"The market is in the best position it can be," Saudi Oil Minister Ali al-Naimi told reporters in Vienna ahead of a meeting of the Organization of Petroleum Exporting Countries on Wednesday to decide on production.

"Demand is great, economic growth is improving," said Naimi, who represents the world's biggest producer of crude oil.

OPEC's dozen member nations from the Middle East, Africa and Latin America together produce about one-third of the world's crude and have an output ceiling of 30 million barrels per day -- slightly above current production."

'via Blog this'