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OPEC Holds Production Steady, Oil Rises

ABU DHABI, United Arab Emirates -- OPEC decided Wednesday to keep its output ceilings steady in a move that propelled crude toward $90 a barrel, but plans to review the situation early next year, according to the Associated Press.

The move by the 13-nation Organization of Petroleum Exporting countries appeared to reflect OPEC concerns that it would be counterproductive to raise overall production quotas at a time when prices have retreated about 10 percent from recent record highs.

Posted by Peter C. T. Elsworth  at 10:53 AM to Crude oil market | Permalink

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