OPEC has decided to leave its oil production quotas unchanged, according to Algerian Energy Minister Chakib Khelil. Speaking in Vienna today after an informal meeting of the group, he said there would be "no change" in the output quotas set by the Organisation of Petroleum Exporting Countries. Commenting on the decision, Saudi oil minister Ali al-Nuaimi said, "It's not a wait-and-see position. We remain committed to supply the market when needed. There is no shortage of oil right now."
Before the meeting, it was generally believed that the cartel would not raise its output quotas because of the looming threat of war in Iraq. Brent crude is currently trading at USD32.76, down 16c on the day. //www.fxcentre.com/