OPEC oil ministers concluded on Monday a meeting to discuss the volatile oil market, at which they decided to ignore calls for more crude output and instead raised the prospects of production cuts to avert a glut next year.
Ministers from the 11-nation grouping left the headquarters of the Organization of Petroleum Exporting Countries (OPEC) after an hour-long meeting, which was put back a day to respect Austria's day of mourning following the Alpine railcar blaze.
They heard OPEC president and future secretary general Ali Rodriguez of Venezuela blame taxes in consumer countries and oil market speculation for soaring prices, which have persisted above 30 dollars a barrel for more than three months.
Despite high prices, many ministers told journalists that further output increases to cool the feverish market would not be forthcoming.
Instead at the next OPEC meeting on January 17, ministers will switch the focus to the possibility of cutting production because they fear a supply glut will lead to a slump in prices -- VIENNA (AFP)
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