Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) announced the group’s target output for 2014 will remain unchanged at 30 MMBOPD. Ministers of Iraq, Saudi Arabia and Kuwait made the announcement following a meeting between the exporters on December 22, 2013. “The market is in fear of a shortage of oil,” said Ali al-Naimi, the oil minister of Saudi Arabia, in regards to why WTI has traded near $100 recently. “The market reflects the situation.”

Representatives are scheduled to meet again in June 2014.

OPEC’s uniq...

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