OPEC members gathered in Vienna before a meeting on Thursday. Saudi Arabian Oil Minister Ali Naimi has said the Organization of Petroleum Exporting Countries is unlikely to add to 4.2 million barrels a day of production cuts the group has announced since September.
He said that oil prices would likely reach around $75 a barrel by the end of the year on the back of growing demand in Asia.
OPEC has cut down on the oil it produces to combat huge surpluses in supply. By some estimates, there are 100 million barrels of oil afloat at sea in tankers.
Oil and gas prices hit new high for the year - Yahoo! Finance
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