Saudi Oil Minister Ali Al-Naimi is urging OPEC to maintain current production levels ahead of the groups meeting in Vienna on Tuesday. Al-Naimi referred to the current range of oil prices as a "happy situation".
“We are extremely happy with the market, the economy is doing well, it will do better down the road, so I don’t see any reason to disturb this happy situation. The price has stayed very well in the range of $70 to $80. It is in a very happy situation.”
It is widely expected that OPEC will maintain its official quota at 24.845 million barrels a day.
Crude oil prices dropped below $80 for the first time in two weeks on Monday, closing at $79.80 in trading on the NYMEX.
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