Saudi Arabia's oil minister said that all 11 OPEC members agreed they will keep the daily output quota
Saudi Arabia's oil minister Ali Naimi said Monday that all 11 OPEC members agreed during their meeting to keep the daily output quota unchanged at 28 million barrels a day.
The meeting is to be held today in Vienna.
Venezuelan oil minister Rafael Ramirez said: "There will be no cut at this meeting." However, he recommended OPEC members preparefor a cut at their next meeting, saying a million barrels a day could be needed then.
Qatari oil minister Abdullah bin Hamad al-Attiyah said that "all options are open" for the March meeting.
OPEC president Edmund Daukoru, who is also Nigeria's oil minister, told reporters earlier that he saw no "compelling"reason for a cut.
"The market hasn't changed; the price is still $67 U.S. a barrel, he said.
