OPEC not Justified in Cutting Output: IEA

The Organization of Petroleum Exporting Countries (OPEC) would not be justified in cutting oil production, the International Energy Agency (IEA) said. OPEC met last Thursday and Saudi Arabian Oil Minister, Ali al-Naimi, announced that the group had decided to “stay the course” and stick with existing production targets.

Richard Jones, deputy executive director of the agency, said the fundamentals of the oil market had not changed despite a recent rise in oil prices. Jones made the comments at a media conference in the northern city of Darwin. - Tehran Times