Summary
VIENNA, Austria -- OPEC decided Friday to keep pumping oil at present levels -- a rebuff to Washington and a possible prelude to cutting production as early as next month if the shaky U.S. economy puts a dent in demand.
The decision was taken despite U.S. urging -- backed by other major consumers -- for more oil on the market to cool prices and relieve inflationary pressures that have contributed to fears of a global economic downturn.See the full content of this document
Extract
Opec Will Not Raise Oil Output Levels
But the 13-nation Organization of Petroleum Exporting Countries would not be swayed from arguments that supplies were adequate and that speculators and geopolitical jitters, not oil availability, were driving the market.
Instead, it foc...See the full content of this document
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