Economics
OPEC May Maintain Quotas, Naimi Says Market Balanced
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OPEC ministers gave their strongest indication yet that they will leave oil-production quotas unchanged at this week’s meeting as faltering growth in some of world’s biggest economies stifles demand.
The market is “very well-balanced,” Saudi Arabian Oil Minister Ali al-Naimi said late yesterday as he arrived in Vienna for the Oct. 14 meeting of the Organization of Petroleum Exporting Countries. Shokri Ghanem, chairman of Libya’s National Oil Corp., said in London today there’s no need for to alter quotas, echoing comments made by Qatari Oil Minister Abdullah al-Attiyah in an Oct. 10 interview.