Iraq Does Not Expect OPEC Output Changes

Iraq's top oil official says prices are at satisfactory levels and does not expect OPEC to make changes to output during its meeting next month. Oil Minister Hussain Al Shahristani said that OPEC will instead discuss lackluster member compliance with output targets.

Al Shahristani made the comments a few hours after benchmarking crude for March 2010 delivery traded at about US$80.32 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. OPEC announced a series of production cuts in the second half of 2008 that lowered oil output by 4.2 million bpd. The next OPEC meeting is set for 17 March 2010. - Business Week