OPEC ministers say no change in group’s output, focus on compliance

Ministers: OPEC holds output steady

LUANDA, Angola — Several OPEC ministers say the oil producing group has decided to hold its output targets unchanged and wants members to adhere more closely to their quotas.

Oil ministers from Angola, Algeria, the United Arab Emirates and Libya all said Tuesday the group has decided to hold steady its production quotas.

The decision was widely expected as the 12-member Organization of the Petroleum Exporting Countries has voiced comfort with current oil prices and is wary of taking a step that could shock the market and undercut the ongoing fragile global economic recovery.

“Yes, we are talking about compliance. We are calling for member compliance,” said Shukri Ghanem, the head of Libya’s National Oil Corp. and that country’s de facto oil minister. Ghanem said there would be “no change” with quotas.