Iraqi Oil Minister Hussain al-Shahristani sees no reason for OPEC to reconsider its current production levels at its next meeting, due to be held in Vienna on 14th October.

According to report from Reuters, he sees no big demand for crude and says current production levels should be maintained, but OPEC should hold an extraordinary meeting if world crude prices fall below $70.

Shahristani said there was production and consumption “stability” in world markets, but the global economic recovery was slow, and urged OPEC members to comply with production cuts, saying that current compliance is only at 50 percent.

(Source: Reuters)