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Saudis say no OPEC output cut needed

VIENNA (AP) -Saudi Oil Minister Ali Naimi says there is no need
for OPEC to reduce production of oil.
Naimi's comment reinforces sentiment that OPEC oil ministers
will decide at their meeting Thursday to continue pumping oil at
present levels. The Saudis account for close to a third of total
OPEC production and what they say is usually informal policy for
the rest of the 12-nation group.
He told reporters Wednesday: "There is no need to cut
production." And he said oil prices would likely reach around $75
a barrel by the end of the year on the back of growing Asian
demand.


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