In advance of Opec's production group meeting, Saudi Arabia's oil minister Ali Naimi has said he expects OPEC oil output to hold steady throughout 2010. "The Saudis, who are OPEC's top producers, usually have their way within the organization. But with U.S. demand for oil lackluster, even traditional price hawks like Iran and Venezuela are happy with present prices near $80 a barrel as the 12-nation organization prepares to make a decision on output Wednesday." Saudi Arabia believes the right oil price at this time is between $70 and $80 a barrel. It is not keen to see the price above that level for fear it will hamper the global recovery.
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