VIENNA: OPEC is likely to keep its output target unchanged when it meets on Friday as the global oil market appears to be in good shape and prices are expected to firm up from current levels, a senior Gulf OPEC delegate told Reuters.

Brent crude settled at $65.56 a barrel on Friday, up $2.98, or 4.8 percent, on the day.

“It is unlikely that OPEC will make a decision regarding its production ceiling for two reasons: the first one that Russia and other non-OPEC producers have expressed their non-desire to cooperate in any idea of a production cut,” the Gulf delegate said.

“And the second one is that the market is firming up. Prices are expected to continue at current level and most likely will go higher. Demand is also strong and the inventories are balanced. Market seems to be in good shape,” the delegate said.

Crude oil inventories are above the five-year average but oil products stocks are within the five-year average, the delegate added.

“At the end, of course the final decision will be made by the ministers when they meet,” the delegate added.

The Organization of the Petroleum Exporting Countries refused to cut output to shore up prices at its last meeting in November despite a global oil glut, seeking to defend its market share against higher-cost producers in the United States and elsewhere. It left its output target at 30 million barrels per day.

The decision exacerbated an oil price fall, to as low as $46 per barrel in January from as high as $115 in June 2014.

However, early signs of slowing production in the US in the past couple of months and better-than-expected growth in demand has helped push oil prices up to around $65. The next OPEC meeting is scheduled for June 5.