OPEC's president says the cartel's ministers are likely to agree to maintain the current level of oil production when they meet in Iran next week.
Sheikh Ahmad Fahd al-Sabah, who is also Kuwait's oil minister, told reporters today (Saturday) that he expects the cartel's production ceiling to remain at 27 million barrels per day.
He cautioned that current production levels are already above that limit, and maintained that further over-production would not lower prices. He added that the current high prices had already tempted some producers to exceed their quotas.
OPEC oil ministers from 11 countries are scheduled to meet in the Iranian city of Isfahan on March 16.