OPEC oil ministers meet, production output changes unlikely

Business Materials 1 February 2008 13:44 (UTC +04:00)

( dpa ) - The oil ministers of the 13 member states of the Organization of the Petroleum Exporting Countries (OPEC) gathered in Vienna on Friday for an extraordinary meeting to discuss oil production quotas.

Ahead of the meeting, several ministers indicated their intentions to leave output unchanged, despite Western calls for an increase in production because of oil prices hovering around the 90-dollar mark.

On Thursday, several cartel members even said a cut in production at an upcoming meeting on March 5 may be on the cards in case of a global economic slowdown.

OPEC is wary of putting more oil on the market, fearing pressure on the price of oil as the global economy may further cool down.