Oil prices fell below $66 a barrel Monday as concerns over supplies eased in expectation that OPEC ministers would not change their production targets, the Associated Press reports.
With prices falling and supplies outstripping demand, the 11-nation Organization of Petroleum Exporting Countries almost certainly will keep its current production quota steady at its meeting Monday in Vienna, said Mohamed Bin Dhaen al-Hamli, the United Arab Emirates’ energy minister.
Supplies remain ample. Al-Hamli said OPEC maintains about 2 million barrels a day of spare capacity, and stocks are high elsewhere; the U.S. Department of Energy said last week that inventories have hit their highest levels since 1998.
