OPEC announces no new production cuts

March 15, 2009

Minister of Petroleum and Natural resources Ali Al-Naimi led the Saudi delegation to the 152nd Ordinary Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC) in Vienna today.

 

Following six hours of talks, the ministers announced that oil production goals will not be reduced in light of the ongoing global financial crisis. Spokesman Omar Ibrahim said OPEC will instead wait and see how previously announced production cuts play out, with plans for a further review on May 28. He noted that OPEC’s efforts to date have stabilized oil prices and reduced market risks.

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