OPEC freezes oil output, says supplies sufficient

VIENNA (AFP) – OPEC left its oil production ceiling unchanged on Friday, snubbing US demands for an increase as the cartel focused on supporting prices which have fallen 10 percent since the start of the year.

Explaining its decision, the Organisation of Petroleum Exporting Countries said stockpiles of crude were likely to increase in the first half of 2008.


“I don’t think the world should be concerned about a lack of oil; it should be more concerned about the financial crisis we are witnessing and its impact on world growth,” OPEC conference president and Algerian oil minister, Chekib Khelil, told a press conference after the decision.

The 13-member OPEC, which pumps 40 percent of world oil, decided to keep its official daily output at 29.67 million barrels at an extraordinary meeting in the Austrian capital. The organisation was to meet again on March 5 in Vienna for a regular gathering.

AFP