Wednesday, May 27, 2009

Saudi Oil Minister Ali Naimi says there is no need for OPEC to reduce production of oil.

Naimi's comment reinforces sentiment that OPEC oil ministers will decide at their meeting Thursday to continue pumping oil at present levels. The Saudis account for close to a third of total OPEC production and what they say is usually informal policy for the rest of the 12-nation group.

He told reporters Wednesday: "There is no need to cut production." And he said oil prices would likely reach around $75 a barrel by the end of the year on the back of growing Asian demand.