Ministers of the Organisation of the Petroleum Exporting Countries (Opec) on Thursday decided to "stay the course" and keep output steady as they bet on a strengthening economy and tentative signs of increased demand to boost oil prices.
"Stay the course, this is the decision," Saudi Oil Minister Ali al-Naimi told reporters following just less than two hours of talks, which had been widely expected to maintain existing production targets.
Some members voiced concern that high levels of inventory could depress prices, but Naimi said demand was rising and would drain away excess supplies.
"The price is good, the market is in good shape, recovery is under way. What else could we want?" he said.
United States oil futures have already reached six-month highs well above $60, almost double levels plumbed in December.
Naimi said the world was ready to cope with oil at $75 to $80 a barrel and predicted it could reach that level before the end of the year, although other ministers said it could take longer than that.
Oil around $75 to $80 is the price producers say is needed to sustain investment in new supplies for the long term.
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