OPEC Will Hold Oil Production Steady
Posted on: Wednesday, 5 March 2008, 12:00 CST
Oil ministers from the Organization of Petroleum Exporting Countries said Wednesday they would hold oil production steady.
Ministers from the 13 OPEC nations released a statement that said the rising costs of oil had been the result of influences beyond their control.
It took the ministers two hours to reach their conclusion on production, Press TV reported.
The United States had urged an increase in production by 300,000 to 500,000 barrels a day to help lower prices.
I think it's a mistake to have your biggest customer's economy to slow down &133;a s a result of high energy prices, U.S. President George Bush said Tuesday.
Analysts said, due to rising prices of crude oil, a cut in production would have politically impossible. The price of crude reached $103.95 a barrel Monday but settled to $100.16 early Wednesday on the New York Mercantile Exchange.
Source: United Press International
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