Naimie said that while current supply was sufficient to meet demand, the thirst for OPEC?s oil would increase later this year.
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Oil Prices Keep Steady
Oil prices kept steady Tuesday as an OPEC committee agreed to lift oil output at the group's meeting today
Oil prices kept steady Tuesday as an OPEC committee agreed to lift oil output at the group?s meeting today, but noted a substantial demand increase later this year.
US light crude eased 20 cents a barrel at $54.77 on the New York Mercantile Exchange. May Brent futures held previous level of $53.45 a barrel on the International Petroleum Exchange in London.
The markets paid no attention to Saudi oil minister Ali al-Naimi?s call for a 500,000 barrels per day supply hike, which he said should be delivered immediately if OPEC was to address a projected demand surge in the second half of 2005.
Naimie said that while current supply was sufficient to meet demand, the thirst for OPEC?s oil would increase later this year.
Naimie said that while current supply was sufficient to meet demand, the thirst for OPEC?s oil would increase later this year.
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