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OPEC likely to reject calls for oil quota rise

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OPEC member states are likely to opt for crude production to continue at current levels when their oil ministers meet in Vienna on Friday, despite U.S. calls for a quota rise.
VIENNA, February 1 (RIA Novosti) - OPEC member states are likely to opt for crude production to continue at current levels when their oil ministers meet in Vienna on Friday, despite U.S. calls for a quota rise.

The United States, the world's largest oil consumer, has led calls for the Organization of the Petroleum Exporting Countries to export more crude to give a boost to the flagging U.S. economy.

However, OPEC oil ministers said on Thursday there was no need for a supply rise, as global economic difficulties are likely to lead to weakened demand.

OPEC President Chakib said before the meeting: "I don't see what increasing supply of oil will do to the economy, psychologically maybe it would help but I doubt it."

An unchanged quota would imply an oil price at the current level of around $92 per barrel.

The talks between the 13 OPEC countries' ministers will start at 10:00 a.m. Vienna time (9:00 a.m. GMT).

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