Ahead of a meeting to be held on Wednesday, where OPEC is expected to maintain current output levels at 29.67 mln bpd , oil prices have held afloat at US$101 per barrel in Asian trading. New York's main contract, light sweet crude for April delivery, hovered at US$101.84. London's Brent North Sea crude for April delivery rose to US$101.17.
OPEC members Iran and Venezuela are calling for a production cut as they estimate prices to dip when demand for crude drops during the second quarter. March-June period coincides with warmer temperatures in the energy-hungry northern hemisphere, thus reducing demand for heating fuel.