Opec is unlikely to hold an extraordinary meeting in June ahead of its scheduled meeting in October as the producer group foresees little change in oil prices, Kuwait's oil minister was quoted as saying. Sheikh Ahmad al-Abdullah al-Sabah said Opec members were convinced there would be no significant changes in oil prices in light of "reasonable growth" in the world economy.
He spoke to the official Kuwait News Agency and Kuwait TV in Vienna on Sunday. The minister said prices were at an acceptable range for producers and consumers and urged more compliance with quotas. Opec decided to meet in October, pushing back slightly its second meeting of the year, which is usually in late September. It will also meet near the end of the year in Ecuador. The group decided on Wednesday last week to keep output unchanged.