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OPEC Agrees to Keep Oil Prices, Production Steady - 2005-01-30


The Organization of Petroleum Exporting Countries will keep its oil production levels steady for now.

Kuwaiti Oil Minister Sheik Ahmad Fahd al-Ahmad al-Sabah, who also heads OPEC, says the 11-nation cartel will keep its production quota at the current 27 million barrels per day.

Speaking today (Sunday) at an OPEN meeting in Vienna, he said members agreed there should be no changes because currently high oil prices are not hurting worldwide economic growth. Oil prices topped 50 dollars a barrel last October, and are still not far from that mark.

Sheik Ahmad says OPEC will temporarily suspend its target price range of 22 to 28 dollars a barrel.

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