OPEC To Keep Output Level At Feb Meeting – Gulf Delegate

DUBAI -(Dow Jones)- The Organization of Petroleum Exporting Countries is expected to keep its crude oil output level unchanged when the group’s 13 members meet in Vienna on Feb. 1, a senior OPEC delegate told Dow Jones Newswires on Sunday.

“I don’t think an action will be taken during the meeting,” the Gulf-based delegate said.


“During our last meeting in December, it was agreed that any decision will be taken in March, unless something major happens that warrants action during the extraordinary meeting that was set for February. But there is no need, the market situation is still where it was in December,” he added.

OPEC is due to convene in Vienna amid increasing fears of a global recession and high oil prices. However, group officials aren’t convinced that pumping more crude will alleviate high prices.

Asked whether calls by the U.S., the world’s largest oil consumer, for an increase in output could lead to an OPEC decision for a slight increase in February, the delegate said that was highly unlikely.

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