By Tara Patel
March 16 (Bloomberg) -- Saudi Arabian Oil Minister Ali al- Naimi, speaking in Geneva today, said he was “yes, very happy,” with the outcome of yesterday’s OPEC meeting in Vienna.
The Organization of Petroleum Exporting Countries agreed yesterday in Vienna to maintain current production quotas, concerned that a fourth cut since September risked increasing energy costs while the global economy deteriorates.
Brent crude oil futures for April settlement fell $2.32, or 5.2 percent, to $42.61 a barrel on the ICE Futures Europe exchange at 8:26 a.m. in London, after trading between about $41 and $46 last week.
Al-Naimi is in Geneva today to attend the Energy Pact Conference along with Iranian Oil Minister Gholamhossein Nozari and oil market experts. The ministers, representing the two largest producers in OPEC will return to Vienna later this week to attend the two-day OPEC Seminar conference, along with energy industry chief executives and other government officials.
To contact the reporter on this story: Tara Patel in Geneva at tpatel2@bloomberg.net
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