OPEC members confirmed a decision to hold oil production at near-record high levels at a meeting in Vienna today, amid rising oil prices over concern about problems in Iran and Nigeria.
The decision by the Organisation of the Petroleum Exporting Countries to leave its production ceiling at 28 million barrels per day had been widely expected.
Oil ministers had already revealed the outcome of the meeting before the cartel released its a statement at its headqaurters in the Austrian capital.
In response world oil prices dropped with light sweet crude for delivery in March down 35 cents at $68.00 per barrel, after rising 59 cent yesterday and London Brent dropped 41 cent to 66.15 a barrel.
Earlier Venezuelan energy minister Rafael Ramirez said OPEC would use today's meeting to consider the possibility of cutting production by up to one million barrels a day when it convenes again on March 8.
Iran meanwhile said it saw 'no reason' to stop oil exports amid the threat of a referral to the United Nations Security Council. OPEC members Venezuela and Libya warned that the price of crude would rise even further if Iran were hauled before the council over its nuclear programme.
