Oil market tightening, OPEC may not need to act
Alibiba
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Oil demand is picking up, Saudi Oil Minister Ali al-Naimi said on Tuesday, which could mean OPEC does not have to take any action on supply this year.
"We have been sailing very well and we will continue to sail very well," Naimi, minister for the world's top oil producer, told reporters a day ahead of a meeting of the group, many of whose members have voiced concern it is pumping too much oil.
OPEC agreed members would slash 4.2 million barrels per day (bpd) from output to curb supply at 24.84 million bpd in December 2008 as the chill of recession threatened to shrivel oil demand.
In the past year, rising prices and a hesitant global recovery have encouraged revenue-hungry OPEC members to add supply. In February, OPEC delivered just 53 percent of the pledged output curbs -- down
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