Gulf OPEC nations say world growth is priority

TOKYO (Reuters) – OPEC Middle East oil producers said on Saturday they wanted oil output policy to help support world economic recovery.

A month ahead of the next meeting of the Organization of the Petroleum Exporting Countries, oil ministers from Saudi Arabia, Kuwait and Qatar showed no sign of veering from the moderate production policy which has helped keep oil prices on a leash not far from $50 a barrel since early March.

“We need to be pragmatic,” Qatari Oil Minister Abdullah al-Attiyah said. “We will have to see how the economy will recover first.”

Leading crude producer Saudi Arabia said $50 oil, a third of the record price hit last summer, was Riyadh’s way of helping nurse the economy back to growth.

Asked if $50 was supportive for growth, Saudi Oil Minister Ali al-Naimi said: “Yes, that’s our contribution to the world economy.”

Reuters