OPEC Ministers to Meet in Vienna

<a href=www.voanews.com>VOA News 24 Apr 2003, 04:43 UTC

OPEC oil ministers are to meet in Vienna Thursday to discuss ways to keep oil prices within the group's desired range. The 11-nation cartel's announced aim is to stabilize prices at around $25 per barrel.

Analysts say the cartel is considering a cut in production to 24.5 million barrels a day.

Opec ministers decided in January to produce about two-million barrels more than their agreed quotas to keep prices down during a strike in Venezuela and the threat of war in Iraq. But prices have stabilized since the fall of Baghdad and OPEC is concerned about keeping them in the middle of its $22-to-$28 a barrel target range.

Another problem facing OPEC is how to reintegrate Iraq without destabilizing the market. It is unclear what role Iraq will take in the cartel. Iraq, an OPEC founding member, has been excluded from the cartel's quota export system the past 11 years because of U.N. imposed sanctions.

The OPEC meeting comes as U.S. military officials said Wednesday that plans to restart pumping in Iraq's southern oil fields was ahead of schedule.