OPEC Output Remains Unchanged

22 February 2010 (Last Updated February 22nd, 2010 18:30)

OPEC is likely to keep oil output unchanged at its next meeting, Algeria's top energy official has announced. The Algerian Energy and Mines minister Chakib Khelil said the oil cartel will not increase or reduce the production "as prices are now good and demand will rise", reports Reuter

OPEC is likely to keep oil output unchanged at its next meeting, Algeria's top energy official has announced.

The Algerian Energy and Mines minister Chakib Khelil said the oil cartel will not increase or reduce the production "as prices are now good and demand will rise", reports Reuters.

Oil prices dropped to just below $80 after reaching a six-week high of $80.51 due to refinery strikes in France and tensions about Iran's nuclear programme.

Khelil said he expects demand for oil to rise in the third and fourth quarters of this year.