Opec to keep oil gushing

Vienna - Group is 'satisfied' with market

Opec decided on Thursday to keep oil gushing after a moderate recovery in the crude eased the pressure to limit output, with Saudi Arabia saying the group is "very satisfied" with the oil market.
A final statement from the Organisation of the Petroleum Exporting Countries after a meeting in Vienna made clear that the 13-nation group had not set a new output target.
It said that since its last meeting in December, "crude oil prices have risen by more than 80 per cent, supply and demand is converging and oil and producer stock levels in the OECD have recently shown moderation."
It added: "This is testament to the fact that the market is moving through the balancing process."
This was echoed by kingpin Saudi Arabia's energy minister expressing confidence that the recovery in the oil prices would continue.
"Everybody is very satisfied with the market. The market is rebalancing as we speak," said Khaled Al Falih said at the start of the bi-annual gathering.
"Demand is extremely healthy and robust. Non-Opec supply is declining. Prices will respond to the rebalancing of the market," Falih told reporters.
Traditionally Opec, which pumps around a third of the world's oil, has cut production to boost falling prices.
But in the most recent drop, tumbling from over $100 in 2014 to close to $25 in January, Opec - driven by Riyadh - has changed tack, keeping oil flowing to maintain market share and squeeze competitors. It has taken some time but the tactic now appears to be working at last.
Non-Opec output is falling and prices last week briefly rose above $50 for the first time in six months, although they have softened slightly since.
At around 1430GMT in London, US benchmark West Texas Intermediate (WTI) for delivery in July slid 73 cents to $48.28 a barrel.
Brent Crude for August delivery dropped 65 cents to $49.07 compared with Wednesday's close.