OPEC Will Not Increase Production
OPEC has agreed to leave official supply limits unchanged at 24.5 million barrels a day. Algerian Oil Minister Chakib Khelil says the Cartel has also decided against any formal contingency plan for the suspension of output limits, should the United States launch war on Iraq.
Oil prices are currently around $US 37.00 for US crude and within striking distance of the $US 41.00 a barrel, the high recorded during the 1991 Gulf War.
The announcement was made in Vienna after an informal meeting of OPEC oil ministers.