Oil ministers gathering in Vienna on Tuesday said they saw no need for the Opec oil cartel to further reduce its production because oil prices were very close to the group’s target.

On Tuesday oil traded in New York at around $70 a barrel, just within the $70-$80 range the group’s members have set as their goal. By early afternoon Nymex crude for October delivery stood at $70.03, up $2.01. London Brent crude rose $2.10 to $68.63 a barrel.