OPEC Unlikely to Curtail Production

VIENNA, Austria – With oil prices still above $60 a barrel,
OPEC ministers likely will keep output steady when they meet this week to set strategies for the spring and early summer.

A warmer-than-usual winter in the United States, the world’s largest consumer, has built inventories

That adds to the dilemma as the Organization of Petroleum Exporting Countries meets Wednesday to look ahead to the traditionally low-demand season sandwiched between winter and the summer driving season.

“Certainly the producers that I have talked to are worried about the second quarter,” said Peter Gignoux, a London-based independent oil analyst. “They see demand tapering off and the prices moving lower. This thought process could be a driver at the meeting.”

AP