OPEC agrees to maintain current production levels until its next meeting

The Organization of the Petroleum Exporting Countries, meeting July 31 in Vienna, Austria, decided to maintain current production levels until its next meeting, scheduled for Sept. 24. OPEC said the current market “is stable and well supplied,” and noted “that prices have remained within agreed levels.”

The organization said, however, that prospects for the fourth quarter of 2003, and for 2004, “indicate that estimated demand growth is less than the expected increase in supplies.”

OPEC members agreed to maintain current production levels, “emphasizing at the same time the need for continued vigilance, careful monitoring and analysis of the market for the balance of 2003 and 2004,” the organization said.

OPEC’s current production cap is 25.4 million barrels.