OPEC to keep oil production at current levels

Monday, September 11, 2006

The Organization of Petroleum Exporting Countries (OPEC) announced today at the 142nd meeting of its Conference in Vienna, Austria that it will continue it's policy of trying to support market stability by maintaing a balance between supply and demand despite the fact that demand is slowing and inventories are growing.

On the New York Mercantile Exchange, oil contracts for October fell as low US $64.85 before settling at the end of trading at US $65.61, a decline of 64 cents for the day. This follows a drop from their peaks at the start of the Israel-Hezbollah conflict in July of US $77.03 a barrel.