OPEC favours holding output amid US pressure for hike

VIENNA (AFP) – OPEC ministers might debate whether pumping more oil would help revive the world economy when they meet here even though ministers favoured no change, the cartel’s chief said on Thursday.

US President George W. Bush recently called on the Organisation of Petroleum Exporting Countries to increase output at its production meeting in the Austrian capital due Friday, to help reduce high oil prices which he claims are weighing on an already weak economy.


The price of New York crude had hit a record high of 100.09 dollars a barrel on January 4. On Thursday it fell to 91.21 dollars, but was still almost double the level of a year ago.

Asked by journalists on Thursday whether there could be a debate at OPEC’s upcoming meeting on whether to raise output or keep production steady, OPEC President and Algeria’s Energy Minister Chakib Khelil replied: “Yes.”

AFP