Oil prices sky rocket, OPEC not to increase production

March 4th, 2008 - 4:48 pm ICT by admin  

Vienna, Mar 04 (ANI): Organisation of Petroleum Exporting Countries (OPEC) ministers in a meeting in Vienna decided today that the cartel would not increase oil production, as the price of crude struck a record high of almost 104 dollars.
The 13- member cartel produces 40 percent of world oil.
Kuwait’s acting oil minister, Mohammad al-Olaim also supported the views of OPEC’s president, Algerian Energy Minister Chakib Khelil that they would not consider an output hike.
Khelil, a traditional price hawk said, “The conference will study whether to maintain or reduce production. Due to lack in demand, extra supplies are not needed. (ANI)

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