World's Energy

ABU DHABI, March 5 (RIA Novosti) - OPEC ministers will opt to keep crude output unchanged at their meeting in Vienna on Wednesday, the Saudi oil minister told a national newspaper. The U.S., the world's largest oil importer, has called for a production rise to ease its economic difficulties. Al-Hayat quoted Ali al-Naimi, the most influential minister in the cartel, as saying: "The situation on the oil market is stable. There is no need to interfere with the market." The world oil price hit a record high of $103.95 per barrel on Monday as speculative investors tried to find a safe haven for their money as the U.S. dollar continued its decline. However, oil prices dropped at the end of the session on news of resumed oil deliveries from Nigeria. The Saudi minister told the paper that the rise in oil prices was caused by an unprecedented speculation in oil futures and was unrelated to market fundamentals. OPEC ministers, whose countries account for 40% of global oil output, will be holding their 148th meeting.