Organization of Petroleum Exporting Countries (OPEC) plans to maintain its current production to meet demand during the coming Northern Hemisphere winter as oil prices, according to them are at an ``acceptable level''. This statement comes as oil prices hover around US$60 a barrel in New York, almost 50% higher than a year ago.
OPEC suspended official production limits in September until the end of this year to compensate for supply disruptions caused by the hurricanes in the U.S. Gulf of Mexico. This decision followed an International Energy Agency agreement to release emergency oil stockpiles for only the second time in its three decades of existence. A lack of spare refining capacity has led OPEC members to expect prices will stay high.
13-Dec-05 
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