(Xinhua)
Updated: 2008-02-01 23:40

VIENNA -- Ministers of the Organization of the Petroleum Exporting Countries (OPEC) agreed here to maintain the crude oil output ceiling at the 147th extraordinary ministerial conference ended Friday, though the United States and the International Energy Agency (IEA) are calling for bigger output.

The cartel decided to keep official daily production at 29.67 million barrels until next ministerial conference in March, saying that "the current OPEC production is sufficient to meet expected demand for the first quarter of the year" in view of the current situation and projected economic slow-down.

It is the second time for OPEC to maintain its output ceiling since last December. Meanwhile, the cartel decided to closely observe the development of the international market to take necessary measures to ensure the stability of the market at any time.

Marketing analysts said OPEC's decision could be attributed to the slowdown in the US economy and warm weather in most part of the Northern Hemisphere, and OPEC's view that soaring oil prices were caused by crazy speculation in the international market.

Many believed that OPEC might make decision to cut current output at the next ministerial conference to be held on March 5 in Vienna, with US economic slowdown becoming more obvious and the demand for oil diminishing.

Some ministers of the OPEC member nations said they hope oil prices could stay over 80 US dollars per barrel.