BAGHDAD (AP) -- Iraq's top oil official says prices are at satisfactory levels and does not expect OPEC to make changes to output during its meeting next month.
Oil Minister Hussain al-Shahristani told The Associated Press on Monday the 11-member Organization of the Petroleum Exporting Countries will instead discuss lackluster member compliance with output targets.
Al-Shahristani made the comments a few hours after benchmark crude for March delivery traded at about $80.32 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
OPEC announced a series of production cuts in the second half of 2008 that lowered oil output by 4.2 million barrels per day. The next OPEC meeting is set for March 17.