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OPEC Members Insist Crude Is Plentiful

VIENNA -- Global oil markets are amply supplied with crude, key OPEC members said Monday, signaling that the cartel will maintain its current output targets at this week's meeting despite stubbornly high prices, according the Associated Press.

Oil and energy ministers for Iran, Iraq, Kuwait, Libya, Nigeria and Venezuela told reporters on the eve of a meeting of the Organization of Petroleum Exporting Countries that the 12-nation group felt little pressure to loosen its taps.

Posted by Peter C. T. Elsworth  at 10:08 AM to Oil | Permalink

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