OPEC Keeps Barrel Production At Current Levels; No Price Relief

February 1, 2008 6:44 p.m. EST

Vienna, Austria (AHN) - The Organization of Petroleum Exporting Countries (OPEC), which supplies 40 percent of the world's crude oil demand, will likely maintain its current rate of production; 29.67 million barrels a day.

OPEC ministers meeting in Vienna, Austria on Friday are expected to agree to maintain the current quota despite the call of the United States to increase output to lower oil prices and despite a looming slow down of the U.S. economy.

Oil ministers of OPEC members Saudi Arabia, Qatar, Algeria and Libya already told reporters upon arrival in Vienna on Wednesday that there was no need to raise oil production based on the current supply and demand situation in the world market.

Analysts are supporting the impending decision of the oil cartel.

In their meeting on Dec. 5 in Abu Dhabi, the OPEC ministers decided against increasing oil quota saying market supply is adequate and the high prices of crude oil, which reached $100 a barrel, was due to traders' speculation.