VIENNA 1 February 2008 OPEC ministers hold special meeting to decide on production levels

The oil ministers of the Organization of Petroleum Exporting Countries decided at their meeting in December to keep output ceilings steady. They will be reviewing that decision at their 147th Extraordinary Meeting in February, then again in March. The news in January that prices have topped US $100 per barrel is likely to be a big factor in their decision. The United States, for one, is pressing for production increases, arguing that the high prices threaten to derail global growth at a time of increased economic uncertainty.

OPEC insists it can't be blamed for the high prices. The cartel insists the market isn't governed by supply and demand, but by speculators who consider oil as a financial asset.

OPEC’s last decision to raise output by 500,000 barrels a day, announced in Sep 2007, appears to have had little impact on curbing prices as they continue to climb.

OPECS's members are Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. UPDATED Jan/08

RELATED READING:

Oil hovers near USD $90; slowdown fears offset by OPEC's decision to hold output (Forbes 7 Dec 2007)