Oil prices sky rocket, OPEC not to increase production

Algerian Energy Minister Chakib KhelilVienna, Mar 04 : 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)

Business News: