OPEC Opts to Keep Oil Production at Same Level

Atlanta, Ga. 3/15/2009 04:59 PM GMT (TransWorldNews - Top Story)

In a meeting held in the Austrian capital of Vienna oil ministers from the twelve OPEC countries have opted to keep production at their current levels, favoring the enforcement of previous cuts rather than instituting new ones.

Further cuts in oil production were favored by Algeria, Qatar and Venezuela but other oil ministers argued that the cuts agreed to in September haven’t been followed and before any new adjustments in production are made the original cuts must be met.

After seeing the price of a barrel of oil soar over $100 in 2008 the average price has dipped into the $40 range. That price could dip even further as global demand has dropped significantly.

Despite the agreement to leave oil production at the current level OPEC countries will meet again in May to reexamine the decision.