NewsSeptember 19, 2002
OSAKA, Japan -- Pushing aside worries in the West about high oil prices, several petroleum ministers said Wednesday that OPEC was lined up to keep its production of crude steady for now, and blamed the recent price pinch on talk of war in Iraq rather than imbalanced supply...
The Associated Press

OSAKA, Japan -- Pushing aside worries in the West about high oil prices, several petroleum ministers said Wednesday that OPEC was lined up to keep its production of crude steady for now, and blamed the recent price pinch on talk of war in Iraq rather than imbalanced supply.

Consuming nations, including the United States, want more oil in the market -- especially with demand for winter heating fuel ramping up. But as ministers of the oil exporting cartel met for informal talks ahead of today's official output meeting, many indicated the group will not act now.

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OPEC's key player, Saudi Arabia, has not disclosed publicly its stance for today's meeting. But Kuwait's acting minister said Wednesday that Saudi oil minister Ali Naimi already has agreed with the majority that favors keeping OPEC's stated output capped at 21.7 million barrels a day.

OPEC ministers have said the market is well-supplied at present, and many blame prices which bumped against $30 a barrel -- near 19-month highs -- on a so-called "war premium" whipped up by worries President Bush will attack Iraq to topple Saddam Hussein.

Such a conflict could interrupt oil supplies from the Middle East and drive up prices.

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