OPEC To Keep Production Levels

OPEC oil ministers agreed on Sunday to maintain oil production at current levels, seeking to meet rising demand during the US and European winter.

With prices close to $60 a barrel in New York, Saudi Oil Minister Ali al-Naimi yesterday said that the Organization of Petroleum Exporting Countries has no need to decide on output cuts at its meeting in Kuwait today.

"Most probably there is no need to do anything to the ceiling or the level of production," said Naimi, "We will do our best to maintain reliable and secure supplies to the market, as usual."

"All the delegates are willing to maintain our production levels," said Sheikh Ahmad.
"The market is well supplied but the price is still high. Everybody is worried about the winter."

The committee, made up of Kuwait, Iran and Nigeria, will hand its recommendations to OPEC's full meeting on Monday.

At the meeting, OPEC will chart its policy into 2006 but is likely to put off difficult decisions until a special meeting at the end of January or early February.