OPEC won't raise oil output

| 3/13/2003

OPEC members said March 11 they would stick with their current crude oil production quotas but pledged to boost output in case of any serious disruption, The Associated Press reported.

Representatives of the Organization of Petroleum Exporting Countries ruled out formally raising output now as a way of reassuring nervous markets before any U.S.-led attack on Iraq.

However, they didn’t mention such a conflict as a likely source of disruption, apparently wary of seeming to support a war by preparing to respond to its possible impact. Despite sharply higher oil prices, OPEC members argued the world has enough crude to meet demand.