OPEC Agrees to Keep oil Output Quotas Unchanged

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Last updated at: (Beijing Time) Wednesday, March 12, 2003

OPEC Agrees to Keep oil Output Quotas Unchanged

Members of the Organization of Petroleum Exporting Countries (OPEC) agreed on Tuesday to keep their current quotas for crude oil production unchanged.

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Members of the Organization of Petroleum Exporting Countries (OPEC) agreed on Tuesday to keep their current quotas for crude oil production unchanged.

Following their regular meeting in Vienna, however, the members of the cartel pledged to increase their oil production if the oil market was seriously disrupted in event of a US-led war on Iraq.

Saudi Arabian Oil Minister Ali Naimi told reporters that delegates from OPEC countries are "studying the market and keeping abreast of it."

He said there is "no shortage of supply, the market is in balance, there is plenty of oil."

The minister added that "there is a commitment to do our best within our capabilities, which we think are enough to satisfy any possible shortage in the market for whatever reason."

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