JEDDAH – Gulf OPEC oil producers do not see the need to change production levels to support crude prices, OPEC delegates said after benchmark Brent touched nine-month lows Friday. A sell-off in commodities saw Brent contracts fall from around $106 a barrel Wednesday to lows near $101 Friday. Brent recovered to $103.11 at close of trade last week and Gulf exporters are happy to leave production unchanged at current price levels, delegates from all the Gulf OPEC producers said over the weekend. Iran did not call on OPEC to cut production, but its oil minister said Sunday oil prices should stay above $100 a barrel. Saudi Arabia's oil minister said last month that around $100 a barrel was a "reasonable" price for consumers and producers alike. Weak economic data from the United States Friday followed forecasts for lower global oil demand growth for 2013 released last week by the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). The group is scheduled to meet on May 31. — Reuters
