VIENNA, Austria (AP) — OPEC has all but ruled out pumping more oil to ease record-high prices, key oil ministers signaled Tuesday on the eve of a key meeting...
Kuwait and Libya are among OPEC members who have said the cartel should maintain its current output, estimated at about 31.5 million barrels a day — roughly 40 percent of daily world demand.
However, Iran and Venezuela — both hawkish on prices — have pressed for a cut in output. Analysts said it was doubtful that the rest of OPEC would go along with that, since it would push prices even higher in the short-term...
"Global markets are well supplied," Iranian Oil Minister Gholam Hussein Nozari said Tuesday, saying the weak U.S. dollar was a greater concern.
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Kuwait and Libya want OPEC to continue producing crude oil at the current rate, but Iran and Venezuela wish to cut back on oil production. The Iranian oil minister stated that markets around the world were "well supplied." Iran's stronghold on crude oil and their awareness of this advantage could have a huge impact on international oil trade.
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