Business | Oil & Gas
OPEC ministers agree to maintain current production rates
Oil remained above US$100 on Wednesday as OPEC ministers met on Wednesday.
- Agencies
- Published: 15:36 March 5, 2008
- Oil remained above US$100 as OPEC ministers met on Wednesday.
- Image Credit: Gulf News Archive
Vienna: OPEC's production policy will remain unchanged, according to senior officials, rebuffing calls from the and other industrialized nations to pump more oil and help ease record crude prices.
Meeting in Vienna, their decision comes amid heightened fears about the health of economic growth in the , the world's largest energy consumer, and against a backdrop of rising crude inventories in the world's industrialized nations.
Earlier, Saudi Arabian Oil Minister Ali al-Naimi, who sets policy in the world's largest exporter, said that supply and demand were stable.
Share this article
Related Articles
Popular in Business
-
Global Village
A world of fun
Revamped layout featuring four cultures to greet visitors this season
Business Editor's choice
-
Lloyds chief banks on yes vote
Stress levels were running high for Daniels ahead of bank's record venture
-
LED backlighting to brighten up industry
World Cup soccer fever spurs sales in Middle East, Africa, Asia-Pacific and China
-
Koreans win $10b worth of contracts
Bilateral trade to pick up on higher demand, Korean official says
