OPEC ministers were set to arrive in Vienna yesterday with the cartel expected today to maintain its crude output quota owing to high oil prices, caused recently by tensions in Iran and Nigeria.
OPEC, which produces about 40 percent of the world's crude, was seen as set to keep its production quota of 28 million barrels per day, where it has remained for the past eight months, when it meets today.
In an interview published Monday, Saudi Oil Minister Ali al-Nuaimi said his country was against a production cut, citing a risk of higher prices.
OPEC kingpin Saudi Arabia, the world's biggest producer of crude, is joined by Kuwait in its call for the cartel to keep the oil quota unchanged.
Before leaving for Vienna, Kuwaiti Energy Minister Sheikh Ahmad Fahd al-Sabah told reporters that production should be maintained owing to high prices.
Crude futures eased in Asian trade on Tuesday, remaining above US$62 dollars per barrel, as the market anticipated no cut by OPEC and owing to an apparent cooling of worries over Iran, dealers said.
UN nuclear watchdog chief Mohamed ElBaradei said Monday he was hopeful of an agreement to ease Western fears about Iran's atomic program, as details emerged of a Russian package to avert punitive UN Security Council action.
His International Atomic Energy Agency has begun a meeting, also in Vienna, that could lead to international sanctions against Iran, which the West suspects is trying to develop nuclear weapons under the cover of a drive for civilian energy.
The market fears that Iran, OPEC's second biggest producer of crude, might slash its oil exports if it comes under UN sanctions over its nuclear program.
OPEC is actually producing more than 29 million barrels of crude per day including output from Iraq, which is not included in the official quota.
Venezuela has asked for a cut to production of between 500,000 and 1 million barrels per day.
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