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OPEC leaves output targets unchanged, to meet in May

Published 03/15/2009, 11:33 AM
Updated 03/15/2009, 11:40 AM

VIENNA, March 15 (Reuters) - The Organization of the Petroleum Exporting Countries on Sunday agreed to keep existing output curbs unchanged, but ministers said they would comply more strictly with their targets.

They also called another meeting on May 28 to reassess the supply-demand balance. An OPEC delegate had said earlier that April 28 had been chosen.

Ahead of Sunday's nearly six-hour meeting, OPEC ministers had said the first item on their agenda was tighter enforcement of agreements since September to lower supply targets by 4.2 million barrels per day (bpd).

But some in the group had said they wanted deeper cuts to stave off further price weakness and pre-empt more rises in inventories as demand sinks.

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