OPEC does not intend to increase either upper or lower price ranges for oil

OPEC does not intend to increase the limits of oil pricing structure, announced OPEC President, Vice-Premier of Qatar Abdullah bin Hamad al Attiyah. His statement was disseminated through OPEC Secretary General's office in Vienna.

Earlier, President of Venezuela Hugo Chavez and Venezuelan Energy Minister Rafael Ramirez publicly demanded that the OPEC leadership should raise oil prices to US $25-32 per barrel, the measure currently not supported by other OPEC members.

"During the discussions of the decision to reduce quotas on production and exports of crude oil by 0.9 million barrels a day, adopted by the 127th Vienna conference in September this year, OPEC received full support of the majority of large non-OPEC oil producers, primarily Russia, which confirmed its interest in preserving the existing oil pricing structure at the level of US $22-28 per barrel," said the OPEC president.

"In the future, OPEC intends to continue consulting with large non-OPEC oil producers before making any serious decisions on pricing policies because world oil prices are determined not only by OPEC, but also by previously mentioned countries," he added.