OPEC Likely to Keep $18 Price, Traders Say
The Organization of Petroleum Exporting Countries is likely to keep its $18-a-barrel oil price and slightly raise output at its meeting next month in Vienna, Persian Gulf oil officials and traders said Sunday.
Oil ministers from the six Gulf Cooperation Council states are expected to renew support for the $18 price when they gather Tuesday in Jiddah, Saudi Arabia, a gulf oil official said. They are meeting to coordinate positions before OPEC’s conference opens June 25.
UAE Oil Minster Mana Said al-Oteiba told the Kuwait news agency that he did not expect any change in OPEC’s December pact to curb oil output and fix prices.
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