Organisation of the Petroleum Exporting Countries (Opec) oil producers in the Middle East said yesterday they wanted crude output policy to help support world economic recovery.
A month ahead of the next Opec meeting, oil ministers from Saudi Arabia, Kuwait and Qatar showed no sign of veering from the moderate production policy that has helped keep oil prices on a leash not far from $50 (Dh184) a barrel since early March.
"We need to be pragmatic," said Qatari Oil Minister Abdullah bin Hamad Al Attiyah. "We will have to see how the economy will recover first."
Leading producer Saudi Arabia said oil at $50, a third of the record price hit last summer, was Riyadh's way of helping nurse the economy back to growth. Asked if $50 was supportive for growth, Saudi Oil Minister Ali Al Naimi, said: "Yes, that's our contribution to the world economy."
Al Naimi and fellow Gulf oil ministers met their counterparts from Asian nations in Tokyo yesterday.
The ministers declined comment on the probable outcome of the Opec meeting on May 28, but they stressed the need to remain focused on global economy.
"We have to wait for the manifestation of the desired effects of the stimulus packages of the big economies," Kuwait state news agency Kuna reported Kuwaiti Oil Minister Sheikh Ahmad Al Abdullah Al Sabah as saying.
Opec has reduced supplies by just over 11 per cent, 3.3 million bpd, since September to counter a drop in demand and slump in prices.
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