VIENNA 5 March 2008 OPEC ministers meet for 148th Ordinary Meeting to look again at oil output levels

The decision by oil ministers of the Organization of Petroleum Exporting Countries in December to keep output ceilings steady will be reviewed at meetings in February and March. The Northern Hemisphere winter will be a new factor in the March deliberations of the 13-nation cartel.

Winter will be almost over by the time they meet. If it was generally severe, the increased demand for heating oil is likely to add to the pressure on prices -- as well as pressure on the ministers from oil consuming countries for generous production increases. But a warmer-than-usual winter won't necessarily bring price relief to consumers. If decreased demand sends down prices, the ministers are likely to be eager to halt the decline by tightening supply.

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

RELATED READING:

Oil hovers near 90 usd; slowdown fears offset by OPEC's decision to hold output (Forbes 7 Dec 2007)
http://www.forbes.com/markets/feeds/afx/2007/12/07/afx4415685.html