Hopefully the fundamentals for OIL can lead to some price appreciation.

OPEC Committee Recommends No Change in Oil Production Targets

By Ayesha Daya and Glen Carey

Dec. 5 (Bloomberg) -- The Organization of Petroleum Exporting Countries' internal production watchdog committee recommends the group maintain its current oil production targets, Iranian Oil Minister Gholamhossei Nozari said.

The Ministerial Monitoring Committee, which comprises representatives from Iran, Nigeria, Kuwait and the OPEC Secretariat, met earlier today in Abu Dhabi.

OPEC, which supplies more than 40 percent of the world's oil, is meeting to decide whether to boost production targets again after an increase at its last meeting in September failed to halt rallying oil prices.

Iran's Nozari and Venezuela Oil Minister Rafael Ramirez told reporters today that they see no need for OPEC to boost production targets. Separately, Iraqi Oil Minister Hussain al-Shahristani said OPEC may need to meet again in early January.