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OPEC: No Boost in Oil Output

VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers said Friday that output levels will not be increased out of fear that a softening global economy will translate into weakened demand, according to the Associated Press.

Any decision by the Organization of Petroleum Exporting Countries to produce more would have acted as a shot in the arm for countries struggling with weak growth, the fallout from the U.S. subprime crisis and negative economic factors.

"In view of the current situation, coupled with the projected economic slowdown, the conference decided that current production is sufficient to meet ... demand for the first quarter of the year," an OPEC statement read.

Posted by Peter C. T. Elsworth  at 10:13 AM to Crude oil market | Permalink

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