OPEC

OPEC to keep current output levels

Friday, February 1, 2008

OPEC ministers met in Vienna on Friday to discuss oil prices and output. They agreed to maintain current production levels despite calls for more crude amid recessionary pressures in the West. (Report: R. Tompsett)

VIENNA, Feb 1 (Reuters) - OPEC on Friday agreed to keep oil
supplies unchanged, rejecting calls from consumer countries
worried that high fuel prices are adding to recessionary
pressures in the West, an OPEC delegate said.


The Organization of the Petroleum Exporting Countries said
it would leave output limits unchanged despite crude prices of
more than $91 a barrel.


Ahead of the meeting oil ministers said they were pumping
enough to keep world oil markets adequately supplied.


Consumer countries in the West had called on OPEC to raise
production to cut prices and help ease the impact of a slowdown
in economic growth that is threatening to turn into recession.

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