By REUTERS
Filed at 11:40 a.m. ET
OSAKA, Japan (Reuters) - OPEC oil producers on Wednesday prepared to maintain stiff output curbs to support high oil prices despite signs that inflated energy costs are hindering the global economic recovery.
The Organization of Petroleum Exporting Countries, which meets formally on Thursday, will keep production unchanged, said Kuwait's acting Oil Minister Sheikh Ahmad al-Fahd al-Sabah.
``We will continue with the same production as we have now,'' al-Sabah told reporters after a meeting of OPEC's core Gulf Arab members. He said cartel power Saudi Arabia had agreed to go along with that decision.tas, even with increased leakage there will be `For OPEC the factors weighing are the negative ones,'' said Alirio Parra, a former president of OPEC.
``They see slow growth in demand, no large reduction yet in inventory, sufficient oil in the market already and a price premium attached to the threat of war in Iraq,'' he told Reuters in London.
Kuwait, Nigeria, Venezuela, the United Arab Emirates, Qatar, Indonesia and Libya all said they want to leave production limits unchanged. Iran, not arriving in Osaka until Thursday, is also believed likely to be in favor of no change.
Small producer Algeria, which wants to present its case for a larger share of overall OPEC output, has made no comment.
Despite OPEC quota-cheating, production still has not been high enough for the normal third quarter stockbuild.
Weekly data released on Tuesday by the American Petroleum Institute showed inventories of crude in the United States draining sharply, even before the seasonal jump in demand during the northern hemisphere winter.
The API said crude stocks in the U.S., the world's largest importer, fell 6.4 million barrels to 292 million barrels, 12.5 million lower than this time last year.
Filed at 11:40 a.m. ET
OSAKA, Japan (Reuters) - OPEC oil producers on Wednesday prepared to maintain stiff output curbs to support high oil prices despite signs that inflated energy costs are hindering the global economic recovery.
The Organization of Petroleum Exporting Countries, which meets formally on Thursday, will keep production unchanged, said Kuwait's acting Oil Minister Sheikh Ahmad al-Fahd al-Sabah.
``We will continue with the same production as we have now,'' al-Sabah told reporters after a meeting of OPEC's core Gulf Arab members. He said cartel power Saudi Arabia had agreed to go along with that decision.tas, even with increased leakage there will be `For OPEC the factors weighing are the negative ones,'' said Alirio Parra, a former president of OPEC.
``They see slow growth in demand, no large reduction yet in inventory, sufficient oil in the market already and a price premium attached to the threat of war in Iraq,'' he told Reuters in London.
Kuwait, Nigeria, Venezuela, the United Arab Emirates, Qatar, Indonesia and Libya all said they want to leave production limits unchanged. Iran, not arriving in Osaka until Thursday, is also believed likely to be in favor of no change.
Small producer Algeria, which wants to present its case for a larger share of overall OPEC output, has made no comment.
Despite OPEC quota-cheating, production still has not been high enough for the normal third quarter stockbuild.
Weekly data released on Tuesday by the American Petroleum Institute showed inventories of crude in the United States draining sharply, even before the seasonal jump in demand during the northern hemisphere winter.
The API said crude stocks in the U.S., the world's largest importer, fell 6.4 million barrels to 292 million barrels, 12.5 million lower than this time last year.
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