OPEC to Keep Oil-Output Quotas Unchanged, Gulf Official Says

May 25 (Bloomberg) -- OPEC will keep oil-output targets unchanged when it meets later this week, a Persian Gulf oil official with knowledge of the matter said.

The Organization of Petroleum Exporting Countries is unlikely to change anything at its May 28 meeting, and talk of overly high inventories is exaggerated, said the official, who requested anonymity because the decision is not final.

Ali al-Naimi, oil minister for Saudi Arabia, the world’s biggest exporter, said May 23 that OPEC members will probably “stay the course” when they meet. At the last summit on March 15, the group decided to leave quotas unchanged and adhere to its earlier commitment to restrict supply.