.- The Nigeria's oil minister said he expected world oil prices decline slightly in coming months and that members of the Organization of Petroleum Exporting Countries () do not consider their current level of damage to the global economy. Oil prices rose last month for $ 110 a barrel after political unrest in Libya halved the country's production in North Africa.
Saudi Arabia, the world's largest exporter, has vowed to meet any supply gap, but prices have remained near the maximum of two and a half played last month. On Friday Brent crude closed at 113.93 dollars a barrel while U.S. crude ended at 101.42 dollars a barrel. "He expects a slight and gradual reduction of oil prices globally over the coming months.
Much depends on the overall situation," he told Reuters on Sunday the Minister of Petroleum, Deziani Allison-Madueke. OPEC said earlier this month that its oil production in February rose to the highest level since December 2008 when the group agreed a record crop production to halt falling oil prices.
OPEC members have clear memories of how quickly oil prices fell from highs of $ 147 a barrel in July 2008 to below $ 33 a barrel six months and will be wary of taking new measures, despite concerns that the current oil price is hurting global economic recovery. "None of the OPEC countries have considered it (the current price of oil) harmful.
Over the next six months, everyone will watch very closely the price and supply situation," said Allison-Madueke in Abuja. 
Saudi Arabia, the world's largest exporter, has vowed to meet any supply gap, but prices have remained near the maximum of two and a half played last month. On Friday Brent crude closed at 113.93 dollars a barrel while U.S. crude ended at 101.42 dollars a barrel. "He expects a slight and gradual reduction of oil prices globally over the coming months.
Much depends on the overall situation," he told Reuters on Sunday the Minister of Petroleum, Deziani Allison-Madueke. OPEC said earlier this month that its oil production in February rose to the highest level since December 2008 when the group agreed a record crop production to halt falling oil prices.
OPEC members have clear memories of how quickly oil prices fell from highs of $ 147 a barrel in July 2008 to below $ 33 a barrel six months and will be wary of taking new measures, despite concerns that the current oil price is hurting global economic recovery. "None of the OPEC countries have considered it (the current price of oil) harmful.
Over the next six months, everyone will watch very closely the price and supply situation," said Allison-Madueke in Abuja.
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